| (4) |
| (a) | "Covered claim" means an unpaid claim, including an unpaid claim under a personal lines policy for unearned premiums a claimant submits, if:
| (i) | the claim arises out of the coverage; |
| (ii) | the claim is within the coverage; |
| (iii) | the claim is not in excess of the applicable limits of an insurance policy to which this part applies; |
| (iv) | the insurer who issued the policy becomes an insolvent insurer; and |
| (v) |
| (A) | the claimant or insured is a resident of this state at the time of the insured event; or |
| (B) | the claim is a first-party claim for damage to property that is permanently located in this state. |
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| (b) | "Covered claim" does not include:
| (i) | an amount awarded as punitive or exemplary damages or an amount due any reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise; |
| (ii) | a supplementary payment obligation, including adjustment fees and expenses, attorneys' fees and expenses, court costs, interest, and bond premiums, before the appointment of a liquidator; |
| (iii) | an amount sought as a return of premium under a retrospective rating plan; |
| (iv) | a first-party claim by an insured if:
| (A) | the insured's net worth exceeds $25,000,000 on December 31 of the year before the day on which the insurer becomes an insolvent insurer; and |
| (B) | the insured's net worth includes the aggregate net worth of the insured and all of the insured's subsidiaries as calculated on a consolidated basis; |
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| (v) | any first-party claims by an insured that is an affiliate of the insolvent insurer; or |
| (vi) | a claim by or against an insured of an insolvent insurer, if the insured has a net worth of more than $25,000,000 on the day on which the insurer becomes:
| (B) | subject to an order of liquidation. |
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