August 04, 2020
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The Florida Statutes

The 2001 Florida Statutes

Chapter 631
Insurer Insolvency; Guaranty Of Payment
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Section 631.912, Florida Statutes 2001

631.912  Board of directors.--

(1)  The board of directors of the corporation shall consist of 11 persons, 1 of whom is the insurance consumer advocate appointed under s. 627.0613 or designee and 1 of whom is designated by the Insurance Commissioner. The department shall appoint to the board 6 persons selected by private carriers from among the 20 workers' compensation insurers with the largest amount of net direct written premium as determined by the department, and 3 persons selected by the self-insurance funds. At least two of the private carriers shall be foreign carriers authorized to do business in this state. The board shall elect a chairperson from among its members. The commissioner may remove any board member for cause. Each board member shall serve for a 4-year term and may be reappointed, except that four members of the initial board shall have 2-year terms so as to stagger the periods of service. A vacancy on the board shall be filled for the remaining period of the term in the same manner by which the original appointment was made.

(2)  Members of the board may be reimbursed from the assets of the corporation for actual and reasonable out-of-pocket expenses incurred by them as members of the board of directors; however, members of the board may not otherwise be compensated by the corporation for their services.

(3)  Effective upon this act becoming a law, the persons on the board of directors created pursuant to s. 627.311(4)(a) who evidence a willingness to serve in writing, shall serve as an interim board of directors of the corporation until the initial board of directors has been appointed for the corporation in accordance with the provisions of subsection (1). The interim board of directors shall serve for a period not to exceed 6 months. The initial meeting shall be called by the commissioner within 30 days after this act becomes a law. The interim board of directors shall establish a process for the selection of persons to serve on the board of the Florida Workers' Compensation Insurance Guaranty Association in accordance with the terms of subsection (1). The board of directors shall adopt an interim plan of operation to effect the merger in s. 631.911 and avoid any interruption of benefit payments to injured workers. When necessary and upon approval of the chairs of their respective board of directors, the Florida Self-Insurance Fund Guaranty Association and the Florida Insurance Guaranty Association shall provide staff support to the interim board of directors. The board shall submit the interim plan to the commissioner, who shall approve or disapprove the plan within 30 days after receipt.

History.--s. 20, ch. 97-262.

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