634.4025 – Part exclusive; applicability of other laws.
634.4025 Part exclusive; applicability of other laws.— (1) Except as provided in this part, service warranty associations shall be governed by this part and shall be exempt from all other provisions of the Florida Insurance Code. (2) The provisions of chapter 85-321, Laws of Florida, which amended provisions of this part shall be construed as clarifying legislative intent […]
634.414 – Forms; required provisions.
634.414 Forms; required provisions.— (1) Each service warranty contract shall contain a cancellation provision. If the contract is canceled by the warranty holder, return of premium shall be based upon no less than 90 percent of unearned pro rata premium less any claims that have been paid or less the cost of repairs made on behalf of […]
634.403 – License required; exemptions.
634.403 License required; exemptions.— (1) No person in this state shall provide or offer to provide service warranties to residents of this state unless authorized therefor under a subsisting license issued by the office. The service warranty association shall pay to the office a license fee of $200 for such license for each license year, or part […]
634.4145 – Noncompliant forms.
634.4145 Noncompliant forms.—The office may order a service warranty association to stop using any contract form that: (1) Violates this part; (2) Is misleading in any respect; (3) Is reproduced so that any material provision is substantially illegible; or (4) Contains provisions which are unfair or inequitable or which encourage misrepresentation. History.—ss. 10, 38, ch. 83-322; s. 57, ch. 91-106; […]
634.404 – Qualifications for license.
634.404 Qualifications for license.—The office may not issue or allow a service warranty association to maintain a license unless the association: (1) Is a warrantor with minimum net assets of $25,000 or a warranty seller with minimum net assets of $300,000. (2) Furnishes the office with evidence satisfactory to it that the management of the association is competent […]
634.405 – Required deposit or bond.
634.405 Required deposit or bond.— (1) To assure the faithful performance of its obligations to its members or subscribers in the event of insolvency, each service warranty association shall, before the issuance of its license by the office and during such time as the association may have premiums in force in this state, deposit and maintain with […]
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 […]