Florida Statute 631.281 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 631
INSURER INSOLVENCY; GUARANTY OF PAYMENT

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F.S. 631.281

631.281 Offsets.—

(1) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (2).

(2) No offset shall be allowed in favor of any such person where:

(a) The obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise, as provided in s. 631.251, entitle her or him to share as a claimant in the assets of the insurer. Any such obligation must be fully vested and mature as of the date of the order of liquidation and in no way contingent upon any future event or condition precedent to allow an offset. In the case of a reinsurance agreement, the insurer’s obligation must be incurred as of the date of the order of liquidation to allow an offset.

(b) The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset.

(c) The obligation of such person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer.

(3) An agent who voluntarily pays the unearned portion of a premium to a policyholder shall succeed to the interest of the policyholder as an assignee of the policyholder’s claim against the receiver for the unearned portion of the premium as of the effective date of cancellation of the policy.

(4) No claim of offset shall operate to create a secured claim.

History.—s. 744, ch. 59-205; s. 809(1st), ch. 82-243; s. 22, ch. 83-38; s. 41, ch. 88-166; s. 7, ch. 90-248; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 406, ch. 97-102.

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Amendments to 631.281

Arrestable Offenses / Crimes under Fla. Stat. 631.281

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 631.281.

Annotations, Discussions, Cases:

Cases Citing Statute 631.281

Total Results: 6

State Department of Financial Services v. Branch Banking & Trust Co.

Court: District Court of Appeal of Florida | Date Filed: 2010-07-13

Citation: 40 So. 3d 829, 2010 Fla. App. LEXIS 10147, 2010 WL 2732606

Snippet: bank") was entitled to offsets pursuant to section 631.281, Florida Statutes (2009). In the two orders on

Imagine Ins. Co., Ltd. v. State Ex Rel. Dept. of Financial Services

Court: District Court of Appeal of Florida | Date Filed: 2008-12-16

Citation: 999 So. 2d 693, 2008 WL 5220645

Snippet: person claiming offset. (emphasis added). Section 631.281, Florida Statutes (2004), addresses offsets and

Florida Independent Automobile Dealers Ass'n Health & Welfare Benefit Plan ex rel. Reinecke Agency, Inc. v. Fidelity Security Life Ins.

Court: District Court of Appeal of Florida | Date Filed: 1994-01-21

Citation: 636 So. 2d 37, 1994 Fla. App. LEXIS 184

Snippet: to FIADA except offsets as provided in section 631.281, Florida Statutes. On May 15,1990 Fidelity signed

Nova Ins. Group v. Dept. of Ins.

Court: District Court of Appeal of Florida | Date Filed: 1992-09-11

Citation: 606 So. 2d 429, 1992 Fla. App. LEXIS 9768

Snippet: 191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281, a pleading setting out the right shall be filed

Sunset Com. Bk. v. Fla. Dept. of Ins.

Court: District Court of Appeal of Florida | Date Filed: 1987-06-17

Citation: 509 So. 2d 366, 12 Fla. L. Weekly 1494

Snippet: Sunset Commercial Bank's offset claim under section 631.281, Florida Statutes, should have been allowed, and

Barnett Bank v. State, Dept. of Ins.

Court: District Court of Appeal of Florida | Date Filed: 1987-05-05

Citation: 507 So. 2d 142, 12 Fla. L. Weekly 1146

Snippet: seeking court approval of a setoff under section 631.281, Florida Statutes (1985). The trial court denied