The purposes of this part are to:

1. (1) Create a not-for-profit Florida Workers' Compensation Insurance Guaranty Association, Incorporated, to provide a mechanism for the payment of covered claims under chapter 440 to avoid excessive delay in payment and to avoid financial loss to claimants because of the insolvency of a member insurer.
2. (2) Assist in the detection and prevention of insurer insolvencies.
3. (3) Allocate the cost of such protection among the insurers.
4. (4) Provide for the prompt payment by the corporation of workers' compensation claims incurred by insolvent insurers.

History.--s. 20, ch. 97-262.