§ 627.9122 — Officers’ and directors’ liability claims; reports by insurers

Florida § 627.9122

• Jurisdiction: Florida
• Title: XXXVII
• Ch. 627: INSURANCE RATES AND CONTRACTS

Text

(1) Each insurer providing coverage for officers’ and directors’ liability coverage shall report to the office any claim or action for damages claimed to have been caused by error, omission, or negligence in the performance of the officer’s or director’s services, if the claim resulted in: (a) A final judgment in any amount. (b) A settlement in any amount. (c) A final disposition not resulting in payment on behalf of the insured. Reports shall be filed with the office no later than 60 days following the occurrence of any event listed in paragraph (a), paragraph (b), or paragraph (c).

(2) The reports required by subsection (1) shall contain: (a) The name, address, and position held by the insured, and the type of corporation or organization, including classifications as provided in s. 501(c) of the Internal Revenue Code of 1986, as amended. (b) The insured’s policy number. (c) The date of the occurrence which created the claim. (d) The date the claim was reported to the insurer. (e) The name of the injured person. This information is confidential and exempt from the provisions of s. 119.07(1), and must not be disclosed by the office without the consent of the injured person. This information may be used by the office for purposes of identifying multiple or duplicate claims arising out of the same occurrence. (f) The date of suit, if filed. (g) The total number and names of all defendants involved in the claim. (h) The date and amount of judgment or settlement, together with a copy of the settlement or judgment. (i) In the case of a settlement, such information as the office may require with regard to the claimant’s anticipated future losses. (j) The loss adjustment expense paid to defense counsel, and all other allocated loss adjustment expenses paid. (k) The date and reason for final disposition, if no judgment or settlement. (l) A summary of the occurrence which created the claim, which shall include: 1. Whether the injuries claimed were the result of physical damage to the claimant, were the result of damage to the reputation of the claimant, were based on self-dealing by the defendant, or were in the nature of a shareholder dispute. 2. A description of the type of activity which caused the injury. 3. The steps taken by the officers or directors to assure that similar occurrences are less likely in the future. (m) Any other information required by the office to analyze and evaluate the nature, causes, costs, and damages involved in officers’ and directors’ liability cases.

(3) The office shall include a summary of this information in its annual report.

Legislative History

s. 9, ch. 87-245; s. 9, ch. 93-289; s. 383, ch. 96-406; s. 1227, ch. 2003-261.