624.80 Definitions. - Florida Statutes

624.80 Definitions.

As used in this part:

   (1) “Insurer” means and includes every person as defined in s. 624.03 as limited to:

   (a) Any domestic or commercially domiciled insurer who is doing business as an insurer, or has transacted insurance in this state, and against whom claims arising from that transaction may exist now or in the future.

   (b) Any specialty insurer as that term is defined in s. 628.4615.

   (c) Any domestic or commercially domiciled fraternal benefit society which is subject to the provisions of chapter 632.

   (2) “Unsound condition” means that the office has determined that one or more of the following conditions exist with respect to an insurer:

   (a) The insurer’s required surplus, capital, or capital stock is impaired to an extent prohibited by law;

   (b) The insurer continues to write new business when it has not maintained the required surplus or capital;

   (c) The insurer attempts to dissolve or liquidate without first having made provisions, satisfactory to the office, for liabilities arising from insurance policies issued by the insurer; or

   (d) The insurer meets one or more of the grounds in s. 631.051 for the appointment of the department as receiver.

   (3) “Exceeded its powers” means the following conditions:

   (a) The insurer has refused to permit examination by the office of its books, papers, accounts, records, or business practices;

   (b) An insurer organized in this state has unlawfully removed from this state books, papers, accounts, or records necessary for an examination of the insurer by the office;

   (c) The insurer has failed to promptly comply with the applicable financial reporting statutes and office requests relating thereto;

   (d) The insurer has neglected or refused to observe an order of the office to correct a deficiency in its capital or surplus; or

   (e) The insurer has unlawfully or in violation of an office order:

   1. Totally reinsured its entire outstanding business; or

   2. Merged or consolidated substantially its entire property or business with another insurer.

   (4) “Consent” means authorized written agreement to supervision by the insurer.

   (5) “Commercially domiciled insurer” means and includes any foreign or alien insurer which, during its 3 preceding fiscal years taken together, or during any lesser period of time if not authorized to do business in this state or if it has been licensed to transact its business in this state only for the lesser period of time, has written an average of 25 percent or more direct premiums in this state than it has written in its state of domicile during the same period, or the direct premiums written in this state constitute more than 55 percent of its total direct premiums written everywhere in the United States during its 3 preceding fiscal years taken together, or during any lesser period of time if not authorized to do business in this state or if it has been authorized to transact its business in this state only for the lesser period of time, as reported in its most recent applicable annual or quarterly statements.

History. ss. 71, 72, ch. 89-360; s. 46, ch. 91-108; s. 4, ch. 91-429; s. 2, ch. 2002-247; s. 856, ch. 2003-261.