1. (1) (a) The Florida Self-Insurance Fund Guaranty Association established in ¹part V of chapter 631 and the workers' compensation insurance account, which includes excess workers' compensation insurance, established in ²s. 631.55(2)(a) shall be merged, effective October 1, 1997, or as provided in paragraph (b), in accordance with the plan of operation adopted by the interim board of directors. The successor nonprofit corporation shall be known as the "Florida Workers' Compensation Insurance Guaranty Association, Incorporated."

2. (b) The merger may be effected prior to October 1, 1997, if:

   1. The interim board of directors of the Workers' Compensation Insurance Guaranty Association provides the Department of Insurance with written notice of its intent to effectuate the merger as of a date certain and its functional readiness to initiate operations, such notice setting forth the plan or summary thereof for effecting the merger; and,

   2. The department, upon review of the plan or summary thereof, determines the Workers' Compensation Insurance Guaranty Association is functionally ready to initiate operations and so certifies to the interim board of directors.

3. (c) Prior to the effective date of the merger, the Florida Self-Insurance Fund Guaranty Association shall be the entity responsible for the claims of insolvent self-insurance funds resulting from accidents or losses incurred prior to January 1, 1994, regardless of the date the Department of Insurance filed a petition in circuit court alleging insolvency and the date the court entered an order appointing a receiver.

4. (d) Upon the effective date of the merger:

   1. The Florida Self-Insurance Fund Guaranty Association and the workers' compensation insurance account within the Florida Insurance Guaranty Association cease to exist and are succeeded by the Florida Workers' Compensation Insurance Guaranty Association.

   2. Title to all assets of any description, all real estate and other property, or any interest therein, owned by each party to the merger is vested in the successor corporation without reversion or impairment.

   3. The successor corporation shall be responsible and liable for all the liabilities and obligations of each party to the merger.

   4. Any claim existing or action or proceeding pending by or against any party to the merger may be continued as if the merger did not occur or the successor corporation may be substituted in the proceeding for the corporation or account which ceased existence.

   5. Neither the rights of creditors nor any liens upon the property of any party to the merger shall be impaired by such merger.

   6. Outstanding assessments levied by the Florida Self-Insurance Guaranty Association or the Florida Insurance Guaranty Association on behalf of the workers' compensation insurance account remain in full force and effect and shall be paid when due.

5. (2) All insurers must be members of the corporation as a condition of their authority to offer workers' compensation coverage in this state. An insurer must reimburse the corporation for all funds advanced to the insurer and all claim payments the insurer makes on the insured's behalf if the insurer, having been placed in rehabilitation receivership, is subsequently rehabilitated.
6. (3) The corporation shall perform its functions under a plan of operation and shall exercise its powers through a board of directors. Upon adoption of a plan of operation for the corporation, the board shall manage the Florida Workers' Compensation Insurance Guaranty Association Account.

7. (4) The corporation has all powers granted or allowed to not-for-profit corporations under chapter 617, in addition to other powers granted in this section.

   ¹Note.--The reference is apparently to former part V, the Florida Self-Insurance Fund Guaranty Association Act, which was replaced by present part V, the Florida Workers' Compensation Insurance Guaranty Association Act, pursuant to ch. 97-262.

   ²Note.--Former s. 631.55(2)(a), which related to the workers' compensation insurance account, was repealed by s. 18, ch. 97-262.

History.--s. 20, ch. 97-262; s. 84, ch. 2000-154.