632.633 Additional grounds for suspension, revocation, or denial of certificate of authority; receivership; insolvency. - Florida Statutes

632.633 Additional grounds for suspension, revocation, or denial of certificate of authority; receivership; insolvency.

   (1) In addition to the grounds set forth in s. 624.418, the office may, in its discretion, suspend, revoke, or deny the certificate of authority of a society, if it finds that the society:

   (a) Has exceeded its powers;

   (b) Has failed to comply with any provision of this chapter;

   (c) Is not fulfilling its contracts in good faith;

   (d) Has a membership of less than 400 after an existence of 1 year or more; or

   (e) Is conducting business fraudulently or in a manner hazardous to its members, creditors, the public, or the business.

   (2) In addition to the grounds set forth in s. 626.9571, whenever the office has reason to believe that any society is operating in violation of this chapter or of any provision of the Florida Insurance Code applicable to societies, the provisions of ss. 626.9571, 626.9581, 626.9591, and 626.9601 shall apply.

   (3) Any rehabilitation, liquidation, conservation, or dissolution of a society shall be conducted under the supervision of the department. The department and office shall have all the powers with respect to such rehabilitation, liquidation, conservation, or dissolution that are granted to the department and office under the laws governing the rehabilitation, liquidation, conservation, or dissolution of life insurance companies.

History. ss. 4, 6, ch. 86-140; s. 4, ch. 91-429; s. 1389, ch. 2003-261.