SECTION 631.715. Florida Life and Health Insurance Guaranty Association.
Latest version.
1(1) 2There is created a nonprofit legal entity to be known as the Florida Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state, and, further, as a condition of such authority, an insurer shall agree to reimburse the association for all claim payments the association makes on said insurer’s behalf if such insurer is subsequently rehabilitated. The association shall perform its functions under the plan of operation established and approved under the provisions of s. 96631.72197and shall exercise its powers through a board of directors established under the provisions of s. 113631.716114.
115(2)(a) 116For purposes of administration and assessment, the association shall maintain three accounts:
1281. 129The health insurance account;
1332. 134The life insurance account; and
1393. 140The annuity account.
143(b) 144Borrowing between accounts for payment of policyholder and contract holder claims and other obligations of the association is authorized at the discretion of the board of directors, provided that the amounts so borrowed are restored to the appropriate accounts not less than annually.
187(3) 188The association shall come under the immediate supervision of the department and shall be subject to the applicable provisions of the insurance laws of this state.
History.-s. 5, ch. 79-189; s. 433, ch. 81-259; s. 809(1st), ch. 82-243; s. 15, ch. 89-360; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 11, ch. 92-328.
