(1) Provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer;
(2) Assist in the detection and prevention of insurer insolvencies;
(3) Create a nonprofit corporation to administer and supervise the operation of such association; and
(4) Assess the cost of such protection among insurers.
History.—s. 2, ch. 70-20; 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 II - Florida Insurance Guaranty of Payments (Ss. 631.50-631.70)
631.55 - Creation of the association.
631.57 - Powers and duties of the association.
631.582 - Public records exemption.
631.59 - Duties and powers of department and office.
631.60 - Effect of paid claims.
631.61 - Nonduplication of recovery.
631.62 - Prevention of insolvencies.
631.63 - Examination of the association.
631.64 - Recognition of assessments.
631.65 - Advertisement or solicitation.
631.67 - Stay of proceedings; reopening of default judgments.
631.68 - Limitation; certain actions.
631.695 - Revenue bond issuance through counties or municipalities.