629.229 Attorneys in fact, officers, and directors of insolvent reciprocal insurers or other insurers.
223 words·~1 min read·
/fl/title-xxxvii/chapter-629/629-229·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person who served as an attorney in fact, or as an officer, director, or manager of an attorney in fact; a member of a subscribers’ advisory committee of a reciprocal insurer doing business in this state; or an officer or director of any other insurer doing business in this state, and who served in that capacity within the 2-year period before the date the insurer or reciprocal insurer became insolvent, for an insolvency that occurs on or after July 1, 2024, may not thereafter:
(1)Serve as an attorney in fact, or as an officer, director, or manager of an attorney in fact; a member of a subscribers’ advisory committee of a reciprocal insurer doing business in this state; or an officer or director of any other insurer doing business in this state; or
(2)Have direct or indirect control over the selection or appointment of an attorney in fact, or of an officer, director, or manager of an attorney in fact; or a member of the subscribers’ advisory committee of a reciprocal insurer doing business in this state; or an officer or director of any insurer doing business in this state, through contract or trust or by operation of law,
unless the person demonstrates that his or her personal actions or omissions were not a significant contributing cause to the insolvency.