(1) Create a not-for-profit Florida Workers’ Compensation Insurance Guaranty Association, Incorporated, to provide a mechanism for the payment of covered claims under chapter 440 to avoid excessive delay in payment and to avoid financial loss to claimants because of the insolvency of a member insurer.
(2) Assist in the detection and prevention of insurer insolvencies.
(3) Allocate the cost of such protection among the insurers.
(4) Provide for the prompt payment by the corporation of workers’ compensation claims incurred by insolvent insurers.
History.—s. 20, ch. 97-262.
Structure Florida Statutes
Chapter 631 - Insurer Insolvency; Guaranty of Payment
Part V - Florida Workers’ Compensation Insurance Guaranty Association (Ss. 631.901-631.932)
631.913 - Powers and duties of the corporation.
631.917 - Prevention of insolvencies.
631.919 - Prohibited advertisement of solicitation.
631.922 - Liability of members of an impaired self-insurance fund for unpaid claims.
631.923 - Effect of paid claims.
631.924 - Stay of proceedings; reopening of default judgments.
631.927 - Assumption of liability.
631.928 - Florida Workers’ Compensation Insurance Guaranty Association Account.
631.929 - Election of remedies.
631.931 - Reports and recommendations by board; public records exemption.
631.932 - Negotiations; public meetings and records exemptions.