Florida Statutes 631.001 – Title, construction, and purpose
Current as of: 2024 | Check for updates
|
Other versions
(1) This part constitutes and may be cited as the “Insurers Rehabilitation and Liquidation Act.”
(2) This part shall be liberally construed to effect the purposes of this part.
(3) The purposes of this part, which are integral elements of the regulation of the business of insurance and are of vital public interest and concern, are to:
(a) Protect the interests of policyholders, creditors, and other claimants and the public.
Terms Used In Florida Statutes 631.001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(b) Provide a comprehensive scheme for administering insurer receiverships.
(c) Detect any potentially dangerous condition in an insurer and promptly apply appropriate corrective measures.
(d) Implement improved methods for rehabilitating insurers, which methods involve the cooperation and management expertise of the insurance industry.
(e) Enhance the efficiency and economy of the liquidation process by clarifying the law to minimize legal uncertainty and litigation.
(f) Establish a system to equitably apportion any unavoidable loss.
(g) Administer insurer receiverships more efficiently on an interstate and international basis by facilitating cooperation between states and by extending the scope of personal jurisdiction over debtors of the insurer outside this state.
(h) Maximize recovery of assets for the benefit of the insurer’s estate; policyholders, creditors, and other claimants; and the public.