December 10, 2019
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The Florida Statutes

The 2001 Florida Statutes

Title XXXVII
Insurance
Chapter 631
Insurer Insolvency; Guaranty Of Payment
View Entire Chapter
Section 631.723, Florida Statutes 2001

631.723  Prevention of insolvencies.--To aid in the detection and prevention of insurer insolvencies or impairments:

(1)  The board of directors may, upon majority vote, make reports and recommendations to the department upon any matter germane to the solvency, liquidation, rehabilitation, or conservation of any member insurer or germane to the solvency of any company seeking to do an insurance business in this state. Such reports and recommendations are confidential and exempt from the provisions of s. 119.07(1) until the termination of a delinquency proceeding.

(2)  It is the duty of the board of directors, upon a majority vote, to notify the department of any information indicating that any member insurer may be an impaired or insolvent insurer.

(3)  The board of directors may, upon majority vote, request that the department order an examination of any member insurer which the board in good faith believes may be an impaired or insolvent insurer. Within 30 days of the receipt of such a request, the department shall begin such an examination. The examination may be conducted as a National Association of Insurance Commissioners examination or may be conducted by such persons as the Insurance Commissioner designates. The cost of such examination shall be paid by the association, and the examination report shall be treated in a manner similar to other examination reports pursuant to s. 624.319. In no event may such examination report be released to the board of directors before its release to the public, but this does not preclude the department from complying with s. 631.398(2). The department shall notify the board of directors when the examination is completed. The request for an examination shall be kept on file by the department; such request is confidential and exempt from the provisions of s. 119.07(1) until the examination report is released to the public.

(4)  The board of directors may, upon majority vote, make recommendations to the department for the detection and prevention of insurer insolvencies.

History.--s. 12, ch. 79-189; s. 809(1st), ch. 82-243; s. 36, ch. 83-38; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 4, ch. 93-118; s. 387, ch. 96-406.

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