INSOLVENCY OF THE COMPANY. Participating insurers must notify the FHCF immediately upon becoming insolvent. Pursuant to Section 215.555(4)(g), Florida Statutes, the FHCF is required to pay the "net amount of all reimbursement moneys" due an insolvent insurer to the Florida Insurance Guaranty Association for the benefit of Florida policyholders.
Appears in 3 contracts
Samples: Reimbursement Contract (Philadelphia Consolidated Holding Corp), Reimbursement Contract (Philadelphia Consolidated Holding Corp), Reimbursement Contract (Philadelphia Consolidated Holding Corp)
INSOLVENCY OF THE COMPANY. Participating insurers must notify the FHCF immediately upon becoming insolvent. Pursuant to Section 215.555(4)(g), Florida Statutes, the FHCF is required to pay the "“net amount of all reimbursement moneys" ” due an insolvent insurer to the Florida Insurance Guaranty Association for the benefit of Florida policyholders.
Appears in 2 contracts
Samples: Reimbursement Contract, Reimbursement Contract
INSOLVENCY OF THE COMPANY. Participating insurers must Company shall notify the FHCF immediately upon becoming insolvent. Pursuant to Section 215.555(4)(g), Florida Statutes, the FHCF is required to pay the "“net amount of all reimbursement moneys" ” due an insolvent insurer to the Florida Insurance Guaranty Association for the benefit of Florida policyholders. For the purpose of this Contract, a Company is insolvent when an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction.
Appears in 2 contracts
Samples: Reimbursement Contract (Philadelphia Consolidated Holding Corp), Reimbursement Contract (Philadelphia Consolidated Holding Corp)
