SECTION 632.633. Additional grounds for suspension, revocation, or denial of certificate of authority; receivership; insolvency.
Latest version.
1(1) 2In addition to the grounds set forth in s. 11624.418, 12the office may, in its discretion, suspend, revoke, or deny the certificate of authority of a society, if it finds that the society:
35(a) 36Has exceeded its powers;
40(b) 41Has failed to comply with any provision of this chapter;
51(c) 52Is not fulfilling its contracts in good faith;
60(d) 61Has a membership of less than 400 after an existence of 1 year or more; or
77(e) 78Is conducting business fraudulently or in a manner hazardous to its members, creditors, the public, or the business.
96(2) 97In addition to the grounds set forth in s. 106626.9571, 107whenever the office has reason to believe that any society is operating in violation of this chapter or of any provision of the Florida Insurance Code applicable to societies, the provisions of ss. 140626.9571, 141626.9581, 142626.9591, 143and 144626.9601145shall apply.
147(3) 148Any rehabilitation, liquidation, conservation, or dissolution of a society shall be conducted under the supervision of the department. The department and office shall have all the powers with respect to such rehabilitation, liquidation, conservation, or dissolution that are granted to the department and office under the laws governing the rehabilitation, liquidation, conservation, or dissolution of life insurance companies.
History.-ss. 4, 6, ch. 86-140; s. 4, ch. 91-429; s. 1389, ch. 2003-261.
