Purposes
Known as the Florida Insurance Guaranty Association Act
The act spans §§ 631.50 to 631.695 (21 sections).
Applied in 1 court decision — leading case I.T.N. Consolidators, Inc. v. Northern Marine Underwriters Ltd. (2017)
Most recently applied in I.T.N. Consolidators, Inc. v. Northern Marine Underwriters Ltd. (June 2017)
History.--s. 2, ch. 70-20; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
The purposes of this part are to:
(1) Provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer;
(2) Assist in the detection and prevention of insurer insolvencies;
(3) Create a nonprofit corporation to administer and supervise the operation of such association; and
(4) Assess the cost of such protection among insurers.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.