(1) If the office finds that one or more grounds exist for the discretionary revocation or suspension of a certificate of authority issued under this chapter, the office may, in lieu of such revocation or suspension, impose a fine upon the insurer.
(2) With respect to any nonwillful violation, such fine may not exceed $5,000 per violation. In no event shall such fine exceed an aggregate amount of $20,000 for all nonwillful violations arising out of the same action. If an insurer discovers a nonwillful violation, the insurer shall correct the violation and, if restitution is due, make restitution to all affected persons. Such restitution shall include interest at 12 percent per year from either the date of the violation or the date of inception of the affected person’s policy, at the insurer’s option. The restitution may be a credit against future premiums due provided that interest accumulates until the premiums are due. If the amount of restitution due to any person is $50 or more and the insurer wishes to credit it against future premiums, it shall notify such person that she or he may receive a check instead of a credit. If the credit is on a policy that is not renewed, the insurer shall pay the restitution to the person to whom it is due.
(3) With respect to any knowing and willful violation of a lawful order or rule of the office or commission or a provision of this code, the office may impose a fine upon the insurer in an amount not to exceed $40,000 for each such violation. In no event shall such fine exceed an aggregate amount of $200,000 for all knowing and willful violations arising out of the same action. In addition to such fines, the insurer shall make restitution when due in accordance with subsection (2).
(4) The failure of an insurer to make restitution when due as required under this section constitutes a willful violation of this code. However, if an insurer in good faith is uncertain as to whether any restitution is due or as to the amount of such restitution, it shall promptly notify the office of the circumstances; and the failure to make restitution pending a determination thereof shall not constitute a violation of this code.
History.—s. 1, ch. 72-248; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 21, ch. 78-95; ss. 2, 3, ch. 81-318; ss. 55, 64, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 183, ch. 97-102; s. 800, ch. 2003-261; s. 4, ch. 2008-66.
Structure Florida Statutes
Chapter 624 - Insurance Code: Administration and General Provisions
Part III - Authorization of Insurers and General Requirements (Ss. 624.401-624.491)
624.401 - Certificate of authority required.
624.402 - Exceptions, certificate of authority required.
624.4031 - Church benefit plans and church benefit board.
624.404 - General eligibility of insurers for certificate of authority.
624.4055 - Restrictions on existing private passenger automobile insurance.
624.406 - Combinations of insuring powers, one insurer.
624.407 - Surplus required; new insurers.
624.4073 - Officers and directors of insolvent insurers.
624.408 - Surplus required; current insurers.
624.4085 - Risk-based capital requirements for insurers.
624.40851 - Confidentiality of risk-based capital information.
624.4094 - Bail bond premiums.
624.4095 - Premiums written; restrictions.
624.410 - Permissible insuring combinations without additional capital funds.
624.411 - Deposit requirement; domestic insurers and foreign insurers.
624.412 - Deposit of alien insurers.
624.413 - Application for certificate of authority.
624.414 - Issuance or refusal of authority.
624.415 - Ownership of certificate of authority; return.
624.416 - Continuance, expiration, reinstatement, and amendment of certificate of authority.
624.418 - Suspension, revocation of certificate of authority for violations and special grounds.
624.421 - Duration of suspension; insurer’s obligations during suspension period; reinstatement.
624.4211 - Administrative fine in lieu of suspension or revocation.
624.4212 - Confidentiality of proprietary business and other information.
624.4213 - Trade secret documents.
624.422 - Service of process; appointment of Chief Financial Officer as process agent.
624.424 - Annual statement and other information.
624.4241 - NAIC filing requirements.
624.4243 - Reporting of premium growth.
624.4245 - Change in controlling interest of foreign or alien insurer; report required.
624.425 - Agent countersignature required, property, casualty, surety insurance.
624.426 - Exceptions to countersignature law.
624.428 - Licensed agent law, life and health insurances.
624.430 - Withdrawal of insurer or discontinuance of writing certain kinds or lines of insurance.
624.4305 - Nonrenewal of residential property insurance policies.
624.4315 - Workers’ compensation insurers; notice of significant underwriting change.
624.436 - Florida Nonprofit Multiple-Employer Welfare Arrangement Act.
624.438 - General eligibility.
624.4385 - Certain words prohibited in name of organization.
624.439 - Filing of application.
624.44 - Examination by the office.
624.441 - Insolvency protection.
624.4411 - Administrative, provider, and management contracts.
624.4414 - Employer participants’ liability.
624.4416 - Assessments by receiver.
624.4417 - Certain sales prohibited.
624.442 - Annual reports; actuarial certification; quarterly reports; penalties.
624.443 - Place of business; maintenance of records.
624.4431 - Administration; rules.
624.4432 - Assets, liabilities, and investments.
624.444 - Suspension, revocation of approval.
624.445 - Order, notice, duration, effect of suspension or revocation; administrative fine.
624.446 - Rehabilitation, dissolution.
624.447 - Certificate of insurance for contractors.
624.448 - Assets of insurers; reporting requirements.
624.449 - Insurer investment in foreign companies.
624.45 - Participation of financial institutions in reinsurance and in insurance exchanges.
624.462 - Commercial self-insurance funds.
624.4621 - Group self-insurance funds.
624.4622 - Local government self-insurance funds.
624.46223 - Notice of intent to withdraw.
624.46225 - Self-insured public utilities.
624.46226 - Public housing authorities self-insurance funds; exemption for taxation and assessments.
624.4623 - Independent Educational Institution Self-Insurance Funds.
624.4625 - Corporation not for profit self-insurance funds.
624.4626 - Electric cooperative self-insurance fund.
624.464 - Certificate of authority required; penalties.
624.466 - Application requirements for certificate of authority.
624.468 - Continuing requirements for certificate of authority.
624.4741 - Venue in assessment actions.
624.475 - Tax on premiums, contributions, and assessments.
624.476 - Impaired self-insurance funds.
624.477 - Liquidation, rehabilitation, reorganization, and conservation.
624.480 - Filing, approval, and disapproval of forms.
624.482 - Making and use of rates.
624.483 - Self-insurer members; payment of delinquent premiums and assessments.
624.484 - Registration of agent.
624.487 - Enforcement of specified insurance provisions.
624.488 - Applicability of related laws.