634.4051 – Levy upon deposit limited.
634.4051 Levy upon deposit limited.—No judgment creditor or other claimant of a service warranty association shall have the right to levy upon any of the assets or securities held in this state as a deposit under s. 634.405. History.—ss. 38, 52, ch. 85-321; s. 20, ch. 93-195.
634.406 – Financial requirements.
634.406 Financial requirements.— (1) An association licensed under this part shall maintain a funded, unearned premium reserve account, consisting of unencumbered assets, equal to a minimum of 25 percent of the gross written premiums received on all warranty contracts in force which are written in this state. Such reserve account must be a separate auditable account for […]
634.4061 – Assets and liabilities.
634.4061 Assets and liabilities.— (1) ASSETS.—In any determination of the financial condition of a service warranty association, there shall be allowed as assets only those assets that are owned by the service warranty association and which assets consist of: (a) Cash in the possession of the service warranty association, or in transit under its control, including the true […]
634.4062 – Prohibited investments and loans.
634.4062 Prohibited investments and loans.—A service warranty association shall not directly or indirectly invest in or lend its funds upon the security of any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the service warranty association. This prohibition applies only to investments and loans initially reported on a service warranty […]
634.4065 – Guarantee agreements.
634.4065 Guarantee agreements.—In order to include receivables from affiliated companies as assets under s. 634.401(9), the service warranty association may provide a written guarantee to assure repayment of all receivables, loans, and advances from affiliated companies, provided that the written guarantee is made by a guaranteeing organization which: (1) Has been in continuous operation for 5 years […]
634.407 – Application for and issuance of license.
634.407 Application for and issuance of license.— (1) An application for license as a service warranty association shall be made to, and filed with, the office on printed forms as prescribed by the commission and furnished by the office. (2) In addition to information relative to its qualifications as required under s. 634.404, the commission may require that […]
634.408 – License continuance.
634.408 License continuance.—A license issued under this part shall continue in force as long as the service warranty association is entitled thereto under this part and until suspended, revoked, or terminated at the request of the service warranty association. However, to continue the license, annually in conjunction with the March 1 filing of the annual statement, […]
634.4085 – Acquisition.
634.4085 Acquisition.—Except for manufacturers as defined in this part, every service warranty association shall be subject to the provisions of s. 628.4615. History.—ss. 24, 38, ch. 83-322; ss. 6, 17, ch. 86-250; s. 4, ch. 87-50; s. 45, ch. 90-119; s. 10, ch. 90-248; s. 184, ch. 91-108; s. 115, ch. 92-318; s. 20, ch. 93-195.
634.409 – Grounds for suspension or revocation of license.
634.409 Grounds for suspension or revocation of license.— (1) The license of any service warranty association may be revoked or suspended, or the office may refuse to renew any such license, if it is determined that the association has violated any lawful rule or order of the commission or office or any provision of this part. (2) The […]
634.411 – Order; notice of suspension or revocation of license; effect; publication.
634.411 Order; notice of suspension or revocation of license; effect; publication.— (1) Suspension or revocation of a service warranty association’s license shall be by order of the office mailed to the association by registered or certified mail. The office shall also promptly give notice of such suspension or revocation to the association’s sales representatives in this state […]