624.83 Prohibited acts during period of supervision. - Florida Statutes

624.83 Prohibited acts during period of supervision.

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

   (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.

History. ss. 71, 72, ch. 89-360; s. 4, ch. 91-429; s. 859, ch. 2003-261.