Florida § 631.714 - Definitions.

§ 631.714. Definitions.

As used in this part, the term: (1) “Account” means any of the three accounts created in s. 631.715. (2) “Association” means the Florida Life and Health Insurance Guaranty Association created in s. 631.715. (3) “Contractual obligation” means any obligation under covered policies. (4) “Covered policy” means any policy or contract set out in s. 631.713 and reduced to written, printed, or other tangible form. (5) “Impaired insurer” means a member insurer deemed by the department to be potentially unable to fulfill its contractual obligations and not an insolvent insurer. (6) “Insolvent insurer” means a member insurer authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred, and against which an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction. (7) “Member insurer” means any person licensed to transact in this state any kind of insurance as set out in s. 631.713. (8) “Moody’s Corporate Bond Yield Average” means the monthly average corporate bond yields published by Moody’s Investors Service, Inc., or any successor thereto. (9) “Premium” means any direct gross insurance premium and any annuity consideration written on covered policies, less return premium and consideration thereon and dividends paid or credited to policyholders on such direct business. “Premium” does not include premium and consideration on contracts between insurers and reinsurers. (10) “Person” means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. (11) “Resident” means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom contractual obligations are owed by such impaired or insolvent member insurer. A person may be a resident of only one state, which in the case of a person other than an individual shall be the person’s principal place of business. Citizens of the United States who are residents of foreign countries or United States possessions, territories, or protectorates that do not have an association similar to the guaranty association created by this part shall be deemed residents of the state of domicile of the insurer issuing the policies or contracts.