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The Florida Senate

2004 Florida Statutes

Section 631.714, Florida Statutes 2004

631.714  Definitions.--As used in this part, the term:

(1)  "Account" means any of the three accounts created in s. 631.715

(2)  "Association" means the Florida Life and Health Insurance Guaranty Association created in s. 631.715

(3)  "Contractual obligation" means any obligation under covered policies.

(4)  "Covered policy" means any policy or contract set out in s. 631.713 and reduced to written, printed, or other tangible form.

(5)  "Impaired insurer" means a member insurer deemed by the department to be potentially unable to fulfill its contractual obligations and not an insolvent insurer.

(6)  "Insolvent insurer" means a member insurer authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred, and against which an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction, if such order has become final by the exhaustion of appellate review.

(7)  "Member insurer" means any person licensed to transact in this state any kind of insurance as set out in s. 631.713

(8)  "Premium" means any direct gross insurance premium and any annuity consideration written on covered policies, less return premium and consideration thereon and dividends paid or credited to policyholders on such direct business. "Premium" does not include premium and consideration on contracts between insurers and reinsurers.

(9)  "Person" means any individual, corporation, partnership, association, or voluntary organization.

(10)  "Resident" means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom contractual obligations are owed by such impaired or insolvent member insurer.

History.--s. 4, ch. 79-189; s. 809(1st), ch. 82-243; ss. 98, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1359, ch. 2003-261.