Florida Statute 624.476 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 624
INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS

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F.S. 624.476

624.476 Impaired self-insurance funds.—

(1) If the assets of a self-insurance fund are at any time insufficient to comply with the requirements of law or to discharge its liabilities, other than any liability on account of funds contributed by the trustees or others, and to meet the required conditions of financial soundness, or if a judgment against the fund has remained unsatisfied for 30 days, its trustees shall forthwith make up the deficiency or levy an assessment upon the members for the amount needed to make up the deficiency, but subject to the limitation set forth in the trust agreement or the policy.

(2) If any fund levies an assessment pursuant to subsection (1), the office shall require the fund to consent to administrative supervision under part VI of this chapter. The office may waive the requirement to consent to administrative supervision for good cause.

(3) If the trustees fail to make an assessment as required by subsection (1), the office shall order the trustees to do so. If the deficiency is not sufficiently made up within 60 days after the date of the order, the fund shall be deemed insolvent and grounds shall exist to proceed against the fund as provided for in part I of chapter 631.

(4) Notwithstanding the requirement of the fund to make an assessment pursuant to subsection (1) or subsection (3), the office may at any time request that the department be appointed receiver for purposes of rehabilitation or liquidation if it is able to demonstrate that any grounds for rehabilitation or liquidation exist pursuant to s. 631.051 or s. 631.061.

History.—s. 34, ch. 86-160; s. 188, ch. 91-108; s. 4, ch. 91-429; s. 85, ch. 93-415; s. 7, ch. 97-262; s. 832, ch. 2003-261.

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Amendments to 624.476

Arrestable Offenses / Crimes under Fla. Stat. 624.476

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 624.476.

Annotations, Discussions, Cases:

Cases Citing Statute 624.476

Total Results: 3

Florida Department of Financial Services v. Tampa Service Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2004-08-13T00:00:00-07:00

Citation: 884 So. 2d 252, 2004 Fla. App. LEXIS 11823

Snippet: , as that term is used in sections 624.474 and 624.476, Florida Statutes. Receiver did not respond to …statutory assessments under sections 624.474 and 624.476. Receiver’s response to the request for admissions

Super Transport, Inc. v. Florida Department of Insurance

Court: Fla. Dist. Ct. App. | Date Filed: 2001-10-02T00:00:00-07:00

Citation: 799 So. 2d 286, 2001 Fla. App. LEXIS 13728

Snippet: necessary assessments pursuant to sections 624.474, 624.476, Florida Statutes, and utilize the assessment collection

Travelers v. Boyles

Court: Fla. Dist. Ct. App. | Date Filed: 1996-07-03T00:53:00-07:00

Citation: 679 So. 2d 1188

Snippet: claims. See Dailey v. Secura Ins. Co., 164 Wis.2d 624, 476 N.W.2d 299 (App.1991), rev. denied, ___ Wis.2d