642.0334 – Order; Notice of Suspension or Revocation of Certificate; Effect; Publication.
642.0334 Order; notice of suspension or revocation of certificate; effect; publication.— (1) Suspension or revocation of a certificate of authority of an insurer shall be by order of the office mailed to the corporation by registered or certified mail. The office also shall promptly give notice of such suspension or revocation to the sales representatives in this […]
642.0336 – Duration of Suspension; Obligations During Suspension; Reinstatement.
642.0336 Duration of suspension; obligations during suspension; reinstatement.— (1) Suspension of an insurer’s certificate of authority shall be for such period, not to exceed 1 year, as is fixed in the order of suspension, unless such suspension or the order upon which the suspension is based is modified, rescinded, or reversed. (2) During the period of suspension, the […]
642.0338 – Administrative Fine in Lieu of Suspension or Revocation.
642.0338 Administrative fine in lieu of suspension or revocation.— (1) If the office finds that one or more grounds exist for the revocation or suspension of a certificate of authority issued under this chapter, the office may, in lieu of such suspension or revocation, impose a fine upon the insurer. (2) With respect to any nonwillful violation, such […]
642.034 – License and Appointment Required.
642.034 License and appointment required.—No person may solicit, negotiate, sell, or execute legal expense insurance contracts on behalf of an insurer in this state unless such person is licensed and appointed as a sales representative or is licensed and appointed under the insurance code as a general lines agent. No person licensed and appointed as a […]
642.036 – Sales Representatives to Be Licensed and Appointed.
642.036 Sales representatives to be licensed and appointed.—Sales representatives of legal expense insurers shall be licensed, appointed, renewed, continued, reinstated, or terminated as prescribed in chapter 626 for insurance representatives in general, and shall pay the license and appointment fees prescribed in s. 624.501. No employee or sales representative of an insurer may directly or indirectly […]
642.038 – Reporting and Accounting for Funds.
642.038 Reporting and accounting for funds.— (1) All funds belonging to an insurer or other person received by a sales representative in transactions under his or her license and appointment shall be trust funds so received by such representative in a fiduciary capacity; and the representative, in the applicable regular course of business, shall account for and […]
642.023 – Required Deposit or Bond.
642.023 Required deposit or bond.— (1) To assure the faithful performance of its obligations in the event of insolvency, each legal expense insurance corporation, prior to the issuance of its certificate of authority, shall deposit and maintain with the department securities of the type eligible for deposit by insurers under s. 625.52, which securities shall be held […]
642.024 – Levy Upon Deposit.
642.024 Levy upon deposit.—No judgment creditor or other claimant of a legal expense insurance corporation shall have the right to levy upon any of the assets or securities held in this state as a deposit under s. 642.023. History.—ss. 41, 52, ch. 85-321; ss. 6, 7, ch. 93-147.
642.025 – Policy and Certificate Forms.
642.025 Policy and certificate forms.— (1) Legal expense insurance may be written as individual, group, blanket, or franchise insurance. Each contractual obligation for legal expense insurance shall be evidenced by a policy. Each person insured under a group policy shall be issued a certificate of coverage. (2) No policy or certificate of legal expense insurance may be issued […]
642.0261 – Net Worth Required of Applicants.
642.0261 Net worth required of applicants.—To receive authority to transact legal expense insurance, an applicant applying for a certificate of authority after October 1, 1993, must possess a net worth not less than the greater of: (1) Ten thousand dollars; or (2) Ten percent of the applicant’s total liabilities. History.—ss. 3, 7, ch. 93-147.