Exams / Florida General Lines (Property and Casualty) Insurance License / Fla. Stat. §631.206
Fla. Stat. §631.206 — what it says, and how the exam tests it
This section is cited by 7 of our practice questions and is tested on 3 exams including the Florida General Lines (Property and Casualty) Insurance License.
The text
631.206 Arbitration. — If an insurer in receivership has entered into an agreement containing an arbitration provision for resolution of disputes, that provision is void and shall be replaced by operation of law with the following provision: Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration pursuant to the American Arbitration Association Commercial Arbitration Rules and chapter 682, Florida Statutes, and judgment on the award rendered by the arbitrators shall be entered by the receivership court. Venue shall be in Leon County, Florida. Disputes shall be submitted to a panel of three arbitrators, one to be chosen by each party and the third by the two so chosen. Arbitrators shall be selected from a list of potential qualified arbitrators with 10 years’ experience involving the insurance industry. If the parties do not agree upon the qualifications of a mediator, each party shall select its mediator from a list of potential mediators approved by the receivership court.
Public record. Read the full, current section at the official source: www.leg.state.fl.us
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Fla. Stat. §631.206, disputes involving an insurer in receivership that has an arbitration agreement must be submitted to a panel of how many arbitrators?
drill Florida Statutes, Rules and Regulations Pertinent to General Lines Insurance → - Under Florida law, disputes involving an insurer in receivership must be submitted to how many arbitrators?
drill Selected Florida Statutes and Rules → - Under Florida's receivership arbitration statute, arbitrators must be selected from a list of qualified arbitrators with at least how many years of experience involving the insurance industry?
drill Selected Florida Statutes and Rules →