(1) An order to rehabilitate a domestic insurer shall direct the department forthwith to take possession of the property of the insurer and to conduct the business thereof, and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.
(2) If at any time the department deems that further efforts to rehabilitate the insurer would be useless, it may apply to the court for an order of liquidation.
(3) The department, or any interested person upon due notice to the department, at any time may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business, but no such order shall be made or entered except when, after a hearing, the court has determined that the purposes of the proceeding have been fully accomplished.
History.—s. 726, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.
Structure Florida Statutes
Chapter 631 - Insurer Insolvency; Guaranty of Payment
Part I - Insurer Insolvency: Rehabilitation and Liquidation (Ss. 631.001-631.401)
631.001 - Title, construction, and purpose.
631.015 - Reciprocity; treatment of policyholders.
631.025 - Persons subject to this part.
631.031 - Initiation and commencement of delinquency proceeding.
631.041 - Automatic stay; relief from stay; injunctions.
631.051 - Grounds for rehabilitation; domestic insurers.
631.0515 - Appointment of receiver; insurance holding company.
631.061 - Grounds for liquidation.
631.071 - Grounds for conservation; foreign insurers.
631.081 - Grounds for conservation; alien insurers.
631.091 - Grounds for ancillary liquidation; foreign insurers.
631.101 - Order of rehabilitation; termination.
631.111 - Order of liquidation; domestic insurers.
631.112 - Subordination of claims for noncooperation.
631.121 - Order of liquidation; alien insurers.
631.131 - Order of conservation or ancillary liquidation of foreign or alien insurers.
631.141 - Conduct of delinquency proceeding; domestic and alien insurers.
631.152 - Conduct of delinquency proceeding; foreign insurers.
631.1521 - Actions by and against the receiver.
631.1522 - Unrecorded obligations and defenses and claims of affiliates.
631.153 - Intervention; exclusiveness of claims procedure.
631.154 - Funds, assets, or other property in the possession of third person.
631.155 - Agents’ balances; premiums and unearned commissions.
631.156 - Investigation by the department; scope of authority; sharing of materials.
631.157 - Civil action by the receiver.
631.161 - Claims of nonresidents against insurers domiciled in this state.
631.171 - Claims of residents against insurers domiciled in reciprocal states.
631.181 - Filing and proof of claim.
631.182 - Receiver claims report and claimants objections procedure.
631.192 - Allowance of certain claims.
631.195 - Records of insurers; public records exemptions.
631.201 - Attachment and garnishment of assets.
631.205 - Reinsurance proceeds.
631.221 - Deposit of moneys collected.
631.231 - Exemption from fees.
631.241 - Borrowing on pledge of assets.
631.251 - Date rights fixed on liquidation.
631.252 - Continuation of coverage.
631.262 - Transfers prior to petition.
631.263 - Transfers after petition.
631.2715 - Liability under federal priority of claims law.
631.311 - Report and petition for assessment.
631.321 - Order and levy of assessment.
631.331 - Assessment prima facie correct; notice; payment; proceeding to collect.
631.341 - Notice of insolvency to policyholders by insurer, general agent, or agent.
631.361 - Seizure under court order.
631.371 - Seizure under order of the department.
631.391 - Cooperation of officers and employees.
631.3915 - Actions for damages.
631.395 - Guaranty fund; orders of court.
631.397 - Use of certain marshaled assets.
631.398 - Prevention of insolvencies.
631.399 - Receiver’s right to recover distributions made to affiliate.
631.400 - Rehabilitation of title insurer.
631.401 - Recovery of assessments and assumed policy obligations.