The office may provide that the insurer may not conduct the following activities during the period of supervision, without prior approval by the office:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

   (1) Dispose of, convey, or encumber any of its assets or its business in force;

   (2) Withdraw any of its bank accounts;

   (3) Lend any of its funds;

   (4) Invest any of its funds;

   (5) Transfer any of its property;

   (6) Incur any debt, obligation, or liability;

   (7) Merge or consolidate with another company;

   (8) Enter into any new reinsurance contract or treaty;

   (9) Terminate, surrender, forfeit, convert, or lapse any insurance policy, certificate, or contract of insurance, except for nonpayment of premiums due;

   (10) Release, pay, or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy or certificate; or

   (11) Make any material change in management.

ss. 71, 72, ch. 89-360; s. 4, ch. 91-429; s. 859, ch. 20