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The Florida Senate

2006 Florida Statutes

Section 624.83, Florida Statutes 2006

624.83  Prohibited acts during period of supervision.--The office may provide that the insurer may not conduct the following activities during the period of supervision, without prior approval by the office:

(1)  Dispose of, convey, or encumber any of its assets or its business in force;

(2)  Withdraw any of its bank accounts;

(3)  Lend any of its funds;

(4)  Invest any of its funds;

(5)  Transfer any of its property;

(6)  Incur any debt, obligation, or liability;

(7)  Merge or consolidate with another company;

(8)  Enter into any new reinsurance contract or treaty;

(9)  Terminate, surrender, forfeit, convert, or lapse any insurance policy, certificate, or contract of insurance, except for nonpayment of premiums due;

(10)  Release, pay, or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy or certificate; or

(11)  Make any material change in management.

History.--ss. 71, 72, ch. 89-360; s. 4, ch. 91-429; s. 859, ch. 2003-261.