Bill Text: FL S0728 | 2017 | Regular Session | Introduced
Bill Title: Property Insurance
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2017-05-05 - Died in Banking and Insurance [S0728 Detail]
Download: Florida-2017-S0728-Introduced.html
Florida Senate - 2017 SB 728
By Senator Rouson
19-00398-17 2017728__
1 A bill to be entitled
2 An act relating to property insurance; amending s.
3 627.351, F.S.; revising limitations on the aggregate
4 amount of certain emergency assessments levied by the
5 board of governors of the Citizens Property Insurance
6 Corporation; prohibiting the corporation from pledging
7 more than a specified percent of its commercial lines
8 account emergency assessment authority to secure the
9 issuance of bonds or any other security; amending s.
10 631.57, F.S.; revising a limitation on a certain
11 obligation of the Florida Insurance Guaranty
12 Association for policies covering condominium
13 associations or homeowners’ associations; specifying
14 future revisions of the limitation; requiring the
15 Office of Insurance Regulation to levy specified
16 additional emergency assessments against certain
17 insurers for specified purposes; specifying
18 requirements for levying such assessments; exempting
19 an insurer from making a certain initial payment;
20 providing applicability; amending s. 625.012, F.S.;
21 conforming a cross-reference; providing an effective
22 date.
23
24 Be It Enacted by the Legislature of the State of Florida:
25
26 Section 1. Paragraph (b) of subsection (6) of section
27 627.351, Florida Statutes, is amended to read:
28 627.351 Insurance risk apportionment plans.—
29 (6) CITIZENS PROPERTY INSURANCE CORPORATION.—
30 (b)1. All insurers authorized to write one or more subject
31 lines of business in this state are subject to assessment by the
32 corporation and, for the purposes of this subsection, are
33 referred to collectively as “assessable insurers.” Insurers
34 writing one or more subject lines of business in this state
35 pursuant to part VIII of chapter 626 are not assessable
36 insurers; however, insureds who procure one or more subject
37 lines of business in this state pursuant to part VIII of chapter
38 626 are subject to assessment by the corporation and are
39 referred to collectively as “assessable insureds.” An insurer’s
40 assessment liability begins on the first day of the calendar
41 year following the year in which the insurer was issued a
42 certificate of authority to transact insurance for subject lines
43 of business in this state and terminates 1 year after the end of
44 the first calendar year during which the insurer no longer holds
45 a certificate of authority to transact insurance for subject
46 lines of business in this state.
47 2.a. All revenues, assets, liabilities, losses, and
48 expenses of the corporation shall be divided into three separate
49 accounts as follows:
50 (I) A personal lines account for personal residential
51 policies issued by the corporation which provides comprehensive,
52 multiperil coverage on risks that are not located in areas
53 eligible for coverage by the Florida Windstorm Underwriting
54 Association as those areas were defined on January 1, 2002, and
55 for policies that do not provide coverage for the peril of wind
56 on risks that are located in such areas;
57 (II) A commercial lines account for commercial residential
58 and commercial nonresidential policies issued by the corporation
59 which provides coverage for basic property perils on risks that
60 are not located in areas eligible for coverage by the Florida
61 Windstorm Underwriting Association as those areas were defined
62 on January 1, 2002, and for policies that do not provide
63 coverage for the peril of wind on risks that are located in such
64 areas; and
65 (III) A coastal account for personal residential policies
66 and commercial residential and commercial nonresidential
67 property policies issued by the corporation which provides
68 coverage for the peril of wind on risks that are located in
69 areas eligible for coverage by the Florida Windstorm
70 Underwriting Association as those areas were defined on January
71 1, 2002. The corporation may offer policies that provide
72 multiperil coverage and shall offer policies that provide
73 coverage only for the peril of wind for risks located in areas
74 eligible for coverage in the coastal account. Effective July 1,
75 2014, the corporation shall cease offering new commercial
76 residential policies providing multiperil coverage and shall
77 instead continue to offer commercial residential wind-only
78 policies, and may offer commercial residential policies
79 excluding wind. The corporation may, however, continue to renew
80 a commercial residential multiperil policy on a building that is
81 insured by the corporation on June 30, 2014, under a multiperil
82 policy. In issuing multiperil coverage, the corporation may use
83 its approved policy forms and rates for the personal lines
84 account. An applicant or insured who is eligible to purchase a
85 multiperil policy from the corporation may purchase a multiperil
86 policy from an authorized insurer without prejudice to the
87 applicant’s or insured’s eligibility to prospectively purchase a
88 policy that provides coverage only for the peril of wind from
89 the corporation. An applicant or insured who is eligible for a
90 corporation policy that provides coverage only for the peril of
91 wind may elect to purchase or retain such policy and also
92 purchase or retain coverage excluding wind from an authorized
93 insurer without prejudice to the applicant’s or insured’s
94 eligibility to prospectively purchase a policy that provides
95 multiperil coverage from the corporation. It is the goal of the
96 Legislature that there be an overall average savings of 10
97 percent or more for a policyholder who currently has a wind-only
98 policy with the corporation, and an ex-wind policy with a
99 voluntary insurer or the corporation, and who obtains a
100 multiperil policy from the corporation. It is the intent of the
101 Legislature that the offer of multiperil coverage in the coastal
102 account be made and implemented in a manner that does not
103 adversely affect the tax-exempt status of the corporation or
104 creditworthiness of or security for currently outstanding
105 financing obligations or credit facilities of the coastal
106 account, the personal lines account, or the commercial lines
107 account. The coastal account must also include quota share
108 primary insurance under subparagraph (c)2. The area eligible for
109 coverage under the coastal account also includes the area within
110 Port Canaveral, which is bordered on the south by the City of
111 Cape Canaveral, bordered on the west by the Banana River, and
112 bordered on the north by Federal Government property.
113 b. The three separate accounts must be maintained as long
114 as financing obligations entered into by the Florida Windstorm
115 Underwriting Association or Residential Property and Casualty
116 Joint Underwriting Association are outstanding, in accordance
117 with the terms of the corresponding financing documents. If the
118 financing obligations are no longer outstanding, the corporation
119 may use a single account for all revenues, assets, liabilities,
120 losses, and expenses of the corporation. Consistent with this
121 subparagraph and prudent investment policies that minimize the
122 cost of carrying debt, the board shall exercise its best efforts
123 to retire existing debt or obtain the approval of necessary
124 parties to amend the terms of existing debt, so as to structure
125 the most efficient plan for consolidating the three separate
126 accounts into a single account.
127 c. Creditors of the Residential Property and Casualty Joint
128 Underwriting Association and the accounts specified in sub-sub
129 subparagraphs a.(I) and (II) may have a claim against, and
130 recourse to, those accounts and no claim against, or recourse
131 to, the account referred to in sub-sub-subparagraph a.(III).
132 Creditors of the Florida Windstorm Underwriting Association have
133 a claim against, and recourse to, the account referred to in
134 sub-sub-subparagraph a.(III) and no claim against, or recourse
135 to, the accounts referred to in sub-sub-subparagraphs a.(I) and
136 (II).
137 d. Revenues, assets, liabilities, losses, and expenses not
138 attributable to particular accounts shall be prorated among the
139 accounts.
140 e. The Legislature finds that the revenues of the
141 corporation are revenues that are necessary to meet the
142 requirements set forth in documents authorizing the issuance of
143 bonds under this subsection.
144 f. The income of the corporation may not inure to the
145 benefit of any private person.
146 3. With respect to a deficit in an account:
147 a. After accounting for the Citizens policyholder surcharge
148 imposed under sub-subparagraph i., if the remaining projected
149 deficit incurred in the coastal account in a particular calendar
150 year:
151 (I) Is not greater than 2 percent of the aggregate
152 statewide direct written premium for the subject lines of
153 business for the prior calendar year, the entire deficit shall
154 be recovered through regular assessments of assessable insurers
155 under paragraph (q) and assessable insureds.
156 (II) Exceeds 2 percent of the aggregate statewide direct
157 written premium for the subject lines of business for the prior
158 calendar year, the corporation shall levy regular assessments on
159 assessable insurers under paragraph (q) and on assessable
160 insureds in an amount equal to the greater of 2 percent of the
161 projected deficit or 2 percent of the aggregate statewide direct
162 written premium for the subject lines of business for the prior
163 calendar year. Any remaining projected deficit shall be
164 recovered through emergency assessments under sub-subparagraph
165 d.
166 b. Each assessable insurer’s share of the amount being
167 assessed under sub-subparagraph a. must be in the proportion
168 that the assessable insurer’s direct written premium for the
169 subject lines of business for the year preceding the assessment
170 bears to the aggregate statewide direct written premium for the
171 subject lines of business for that year. The assessment
172 percentage applicable to each assessable insured is the ratio of
173 the amount being assessed under sub-subparagraph a. to the
174 aggregate statewide direct written premium for the subject lines
175 of business for the prior year. Assessments levied by the
176 corporation on assessable insurers under sub-subparagraph a.
177 must be paid as required by the corporation’s plan of operation
178 and paragraph (q). Assessments levied by the corporation on
179 assessable insureds under sub-subparagraph a. shall be collected
180 by the surplus lines agent at the time the surplus lines agent
181 collects the surplus lines tax required by s. 626.932, and paid
182 to the Florida Surplus Lines Service Office at the time the
183 surplus lines agent pays the surplus lines tax to that office.
184 Upon receipt of regular assessments from surplus lines agents,
185 the Florida Surplus Lines Service Office shall transfer the
186 assessments directly to the corporation as determined by the
187 corporation.
188 c. After accounting for the Citizens policyholder surcharge
189 imposed under sub-subparagraph i., the remaining projected
190 deficits in the personal lines account and in the commercial
191 lines account in a particular calendar year shall be recovered
192 through emergency assessments under sub-subparagraph d.
193 d. Upon a determination by the board of governors that a
194 projected deficit in an account exceeds the amount that is
195 expected to be recovered through regular assessments under sub
196 subparagraph a., plus the amount that is expected to be
197 recovered through surcharges under sub-subparagraph i., the
198 board, after verification by the office, shall levy emergency
199 assessments for as many years as necessary to cover the
200 deficits, to be collected by assessable insurers and the
201 corporation and collected from assessable insureds upon issuance
202 or renewal of policies for subject lines of business, excluding
203 National Flood Insurance policies. The amount collected in a
204 particular year must be a uniform percentage of that year’s
205 direct written premium for subject lines of business and all
206 accounts of the corporation, excluding National Flood Insurance
207 Program policy premiums, as annually determined by the board and
208 verified by the office. The office shall verify the arithmetic
209 calculations involved in the board’s determination within 30
210 days after receipt of the information on which the determination
211 was based. The office shall notify assessable insurers and the
212 Florida Surplus Lines Service Office of the date on which
213 assessable insurers shall begin to collect and assessable
214 insureds shall begin to pay such assessment. The date must be at
215 least 90 days after the date the corporation levies emergency
216 assessments pursuant to this sub-subparagraph. Notwithstanding
217 any other provision of law, the corporation and each assessable
218 insurer that writes subject lines of business shall collect
219 emergency assessments from its policyholders without such
220 obligation being affected by any credit, limitation, exemption,
221 or deferment. Emergency assessments levied by the corporation on
222 assessable insureds shall be collected by the surplus lines
223 agent at the time the surplus lines agent collects the surplus
224 lines tax required by s. 626.932 and paid to the Florida Surplus
225 Lines Service Office at the time the surplus lines agent pays
226 the surplus lines tax to that office. The emergency assessments
227 collected shall be transferred directly to the corporation on a
228 periodic basis as determined by the corporation and held by the
229 corporation solely in the applicable account. The aggregate
230 amount of emergency assessments levied for an account in any
231 calendar year may be less than but may not exceed the greater of
232 10 percent of the amount needed to cover the deficit, plus
233 interest, fees, commissions, required reserves, and other costs
234 associated with financing the original deficit for the personal
235 lines or the coastal accounts, or 10 percent of the aggregate
236 statewide direct written premium for subject lines of business
237 and all accounts of the corporation for the prior year, plus
238 interest, fees, commissions, required reserves, and other costs
239 associated with financing the deficit for the personal lines or
240 the coastal accounts. The aggregate amount of emergency
241 assessments levied for the commercial account in any calendar
242 year may be less than but may not exceed the greater of 9
243 percent of the amount needed to cover the deficit, plus
244 interest, fees, commissions, required reserves, and other costs
245 associated with financing the original deficit, or 9 percent of
246 the aggregate statewide direct written premium for subject lines
247 of business and all accounts of the corporation for the prior
248 year, plus interest, fees, commissions, required reserves, and
249 other costs associated with financing the deficit. The
250 corporation may not pledge more than 9 percent of the commercial
251 lines account emergency assessment authority set forth in this
252 sub-subparagraph to secure the issuance of bonds or any other
253 security.
254 e. The corporation may pledge the proceeds of assessments,
255 projected recoveries from the Florida Hurricane Catastrophe
256 Fund, other insurance and reinsurance recoverables, policyholder
257 surcharges and other surcharges, and other funds available to
258 the corporation as the source of revenue for and to secure bonds
259 issued under paragraph (q), bonds or other indebtedness issued
260 under subparagraph (c)3., or lines of credit or other financing
261 mechanisms issued or created under this subsection, or to retire
262 any other debt incurred as a result of deficits or events giving
263 rise to deficits, or in any other way that the board determines
264 will efficiently recover such deficits. The purpose of the lines
265 of credit or other financing mechanisms is to provide additional
266 resources to assist the corporation in covering claims and
267 expenses attributable to a catastrophe. As used in this
268 subsection, the term “assessments” includes regular assessments
269 under sub-subparagraph a. or subparagraph (q)1. and emergency
270 assessments under sub-subparagraph d. Emergency assessments
271 collected under sub-subparagraph d. are not part of an insurer’s
272 rates, are not premium, and are not subject to premium tax,
273 fees, or commissions; however, failure to pay the emergency
274 assessment shall be treated as failure to pay premium. The
275 emergency assessments shall continue as long as any bonds issued
276 or other indebtedness incurred with respect to a deficit for
277 which the assessment was imposed remain outstanding, unless
278 adequate provision has been made for the payment of such bonds
279 or other indebtedness pursuant to the documents governing such
280 bonds or indebtedness.
281 f. As used in this subsection for purposes of any deficit
282 incurred on or after January 25, 2007, the term “subject lines
283 of business” means insurance written by assessable insurers or
284 procured by assessable insureds for all property and casualty
285 lines of business in this state, but not including workers’
286 compensation or medical malpractice. As used in this sub
287 subparagraph, the term “property and casualty lines of business”
288 includes all lines of business identified on Form 2, Exhibit of
289 Premiums and Losses, in the annual statement required of
290 authorized insurers under s. 624.424 and any rule adopted under
291 this section, except for those lines identified as accident and
292 health insurance and except for policies written under the
293 National Flood Insurance Program or the Federal Crop Insurance
294 Program. For purposes of this sub-subparagraph, the term
295 “workers’ compensation” includes both workers’ compensation
296 insurance and excess workers’ compensation insurance.
297 g. The Florida Surplus Lines Service Office shall determine
298 annually the aggregate statewide written premium in subject
299 lines of business procured by assessable insureds and report
300 that information to the corporation in a form and at a time the
301 corporation specifies to ensure that the corporation can meet
302 the requirements of this subsection and the corporation’s
303 financing obligations.
304 h. The Florida Surplus Lines Service Office shall verify
305 the proper application by surplus lines agents of assessment
306 percentages for regular assessments and emergency assessments
307 levied under this subparagraph on assessable insureds and assist
308 the corporation in ensuring the accurate, timely collection and
309 payment of assessments by surplus lines agents as required by
310 the corporation.
311 i. Upon determination by the board of governors that an
312 account has a projected deficit, the board shall levy a Citizens
313 policyholder surcharge against all policyholders of the
314 corporation.
315 (I) The surcharge shall be levied as a uniform percentage
316 of the premium for the policy of up to 15 percent of such
317 premium, which funds shall be used to offset the deficit.
318 (II) The surcharge is payable upon cancellation or
319 termination of the policy, upon renewal of the policy, or upon
320 issuance of a new policy by the corporation within the first 12
321 months after the date of the levy or the period of time
322 necessary to fully collect the surcharge amount.
323 (III) The corporation may not levy any regular assessments
324 under paragraph (q) pursuant to sub-subparagraph a. or sub
325 subparagraph b. with respect to a particular year’s deficit
326 until the corporation has first levied the full amount of the
327 surcharge authorized by this sub-subparagraph.
328 (IV) The surcharge is not considered premium and is not
329 subject to commissions, fees, or premium taxes. However, failure
330 to pay the surcharge shall be treated as failure to pay premium.
331 j. If the amount of any assessments or surcharges collected
332 from corporation policyholders, assessable insurers or their
333 policyholders, or assessable insureds exceeds the amount of the
334 deficits, such excess amounts shall be remitted to and retained
335 by the corporation in a reserve to be used by the corporation,
336 as determined by the board of governors and approved by the
337 office, to pay claims or reduce any past, present, or future
338 plan-year deficits or to reduce outstanding debt.
339 Section 2. Paragraph (a) of subsection (1) and paragraph
340 (e) of subsection (3) of section 631.57, Florida Statutes, are
341 amended to read:
342 631.57 Powers and duties of the association.—
343 (1) The association shall:
344 (a)1. Be obligated to the extent of the covered claims
345 existing:
346 a. Prior to adjudication of insolvency and arising within
347 30 days after the determination of insolvency;
348 b. Before the policy expiration date if less than 30 days
349 after the determination; or
350 c. Before the insured replaces the policy or causes its
351 cancellation, if she or he does so within 30 days of the
352 determination.
353 2. The obligation under subparagraph 1. includes only the
354 amount of each covered claim which is in excess of $100 and is
355 less than $300,000, except that policies providing coverage for
356 homeowner’s insurance shall provide for an additional $200,000
357 for the portion of a covered claim which relates only to the
358 damage to the structure and contents.
359 3.a. Notwithstanding subparagraph 2., the obligation under
360 subparagraph 1. for policies covering condominium associations
361 or homeowners’ associations, which associations have a
362 responsibility to provide insurance coverage on residential
363 units within the association, shall include that amount of each
364 covered property insurance claim which is less than $100,000
365 multiplied by the number of condominium units or other
366 residential units multiplied by:
367 (I) Before July 1, 2017, $100,000.
368 (II) Beginning July 1, 2017, and ending June 30, 2018,
369 $150,000.
370 (III) Beginning July 1, 2018, and ending June 30, 2019,
371 $200,000.
372 (IV) Beginning July 1, 2019, and ending June 30, 2020,
373 $250,000.
374 (V) Beginning July 1, 2020, $300,000.;
375
376 However, as to homeowners’ associations, this sub-subparagraph
377 applies only to claims for damage or loss to residential units
378 and structures attached to residential units.
379 b. Notwithstanding sub-subparagraph a., the association has
380 no obligation to pay covered claims that are to be paid from the
381 proceeds of bonds issued under s. 631.695. However, the
382 association shall assign and pledge the first available moneys
383 from all or part of the assessments to be made under paragraph
384 (3)(a) to or on behalf of the issuer of such bonds for the
385 benefit of the holders of such bonds. The association shall
386 administer any such covered claims and present valid covered
387 claims for payment in accordance with the provisions of the
388 assistance program in connection with which such bonds have been
389 issued.
390 4. In no event shall the association be obligated to a
391 policyholder or claimant in an amount in excess of the
392 obligation of the insolvent insurer under the policy from which
393 the claim arises.
394 (3)
395 (e)1. In addition to assessments authorized in paragraph
396 (a), and to the extent necessary to secure the funds for the
397 account specified in s. 631.55(2)(b) for the direct payment of
398 covered claims of insurers rendered insolvent by the effects of
399 a hurricane and to pay the reasonable costs to administer such
400 claims, or to retire indebtedness, including, without
401 limitation, the principal, redemption premium, if any, and
402 interest on, and related costs of issuance of, bonds issued
403 under s. 631.695 and the funding of any reserves and other
404 payments required under the bond resolution or trust indenture
405 pursuant to which such bonds have been issued, the office, upon
406 certification of the board of directors, shall levy emergency
407 assessments upon insurers holding a certificate of authority.
408 The emergency assessments levied against any insurer may not
409 exceed in any one calendar year more than 2 percent of that
410 insurer’s net written premiums in this state for the kinds of
411 insurance within the account specified in s. 631.55(2)(b).
412 2.a. In addition to the emergency assessment authorized in
413 subparagraph 1., to retire indebtedness, including, without
414 limitation, the principal, redemption premium, if any, and
415 interest on, and related costs of issuance of bonds issued under
416 s. 631.695 and the funding of any reserves and other payments
417 required under the bond resolution or trust indenture pursuant
418 to which such bonds have been issued, the office, upon
419 certification of the board of directors, shall levy additional
420 emergency assessments against insurers subject to assessment
421 under this part in an amount not to exceed a dollar amount equal
422 to or less than 1 percent of the aggregate statewide direct
423 written premium for subject lines of business eligible for
424 assessment under the Citizens Property Insurance Corporation’s
425 commercial lines account assessment authority set forth in s.
426 627.351(6)(b)3.d.
427 b. Assessments levied under this subparagraph must be
428 levied only against the lines of business subject to assessment
429 under this part and must be levied only utilizing the monthly
430 installment method set forth in subparagraph (f)2. An insurer is
431 not required to make an initial payment as set forth in sub
432 subparagraph (f)1.b. and c.
433 c. This subparagraph applies to emergency assessments
434 levied on or after July 1, 2022, or 30 days after all Citizens
435 Property Insurance Corporation Personal Lines Account/Commercial
436 Lines Account Senior Secured Bonds Series 2012A-1, 2012 Series
437 A-2, and 2012 Series A-3 are defeased, whichever occurs earlier.
438 3.2. Emergency assessments authorized under this paragraph
439 shall be levied by the office upon insurers in accordance with
440 paragraph (f), upon certification as to the need for such
441 assessments by the board of directors. If the board participates
442 in the issuance of bonds in accordance with s. 631.695,
443 emergency assessments shall be levied in each year that bonds
444 issued under s. 631.695 and secured by such emergency
445 assessments are outstanding in amounts up to such 2-percent
446 limit as required in order to provide for the full and timely
447 payment of the principal of, redemption premium, if any, and
448 interest on, and related costs of issuance of, such bonds. The
449 emergency assessments are assigned and pledged to the
450 municipality, county, or legal entity issuing bonds under s.
451 631.695 for the benefit of the holders of such bonds in order to
452 provide for the payment of the principal of, redemption premium,
453 if any, and interest on such bonds, the cost of issuance of such
454 bonds, and the funding of any reserves and other payments
455 required under the bond resolution or trust indenture pursuant
456 to which such bonds have been issued, without further action by
457 the association, the office, or any other party. If bonds are
458 issued under s. 631.695 and the association determines to secure
459 such bonds by a pledge of revenues received from the emergency
460 assessments, such bonds, upon such pledge of revenues, shall be
461 secured by and payable from the proceeds of such emergency
462 assessments, and the proceeds of emergency assessments levied
463 under this paragraph shall be remitted directly to and
464 administered by the trustee or custodian appointed for such
465 bonds.
466 4.3. Emergency assessments used to defease bonds issued
467 under this part may be payable in a single payment or, at the
468 option of the association, may be payable in 12 monthly
469 installments with the first installment being due and payable at
470 the end of the month after an emergency assessment is levied and
471 subsequent installments being due by the end of each succeeding
472 month.
473 5.4. If emergency assessments are imposed, the report
474 required by s. 631.695(7) must include an analysis of the
475 revenues generated from the emergency assessments imposed under
476 this paragraph.
477 6.5. If emergency assessments are imposed, the references
478 in sub-subparagraph (1)(a)3.b. and s. 631.695(2) and (7) to
479 assessments levied under paragraph (a) must include emergency
480 assessments imposed under this paragraph.
481 7.6. If the board of directors participates in the issuance
482 of bonds in accordance with s. 631.695, an annual assessment
483 under this paragraph shall continue while the bonds issued with
484 respect to which the assessment was imposed are outstanding,
485 including any bonds the proceeds of which were used to refund
486 bonds issued pursuant to s. 631.695, unless adequate provision
487 has been made for the payment of the bonds in the documents
488 authorizing the issuance of such bonds.
489 Section 3. Paragraph (b) of subsection (15) of section
490 625.012, Florida Statutes, is amended to read:
491 625.012 “Assets” defined.—In any determination of the
492 financial condition of an insurer, there shall be allowed as
493 “assets” only such assets as are owned by the insurer and which
494 consist of:
495 (15)
496 (b) Assessments levied as monthly installments pursuant to
497 s. 631.57(3)(e)4. which s. 631.57(3)(e)3. that are paid after
498 policy surcharges are collected so that the recognition of
499 assets is based on actual premium written offset by the
500 obligation to the Florida Insurance Guaranty Association.
501 Section 4. This act shall take effect upon becoming a law.
