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2002 Florida Code
TITLE XXXVII INSURANCE
Chapter 625 ACCOUNTING, INVESTMENTS, AND DEPOSITS BY INSURERS  
PART I ASSETS AND LIABILITIES (ss. 625.01115-625.181)
625.172   Replacing certain assets; reporting certain liabilities.

625.172  Replacing certain assets; reporting certain liabilities.--

(1)  The department, upon determining that an insurer's asset has not been evaluated according to applicable law or that it does not qualify as an asset, shall require the insurer to properly reevaluate the asset or replace the asset with an asset suitable to the department.

(2)  The department, upon determining that an insurer has failed to report certain liabilities that should have been reported, shall require that the insurer report such liabilities to the department within 90 days.

(3)  If it is determined that the proper valuation of an asset or the establishment of certain liabilities would place the insurer in financial impairment or insolvency, the department may, at its discretion, immediately suspend the certificate of authority of an insurer or take other action it deems appropriate to protect the interests of policyholders or the general public.

History.--s. 1, ch. 70-122; s. 1, ch. 70-439; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 97, 98, 809(1st), ch. 82-243; s. 2, ch. 90-248; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.

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