Bill > S0394

This bill modifies Florida's statutes regarding reinsurance intermediary managers by updating definitions and clarifying who qualifies as a reinsurance intermediary manager. Specifically, the bill refines the definition of "controlling" to mean having direct or indirect power to direct or manage a reinsurance intermediary, and expands the list of exceptions to who can be considered a reinsurance intermediary manager. The bill adds a new exception for underwriting managers who manage assumed facultative risks for a reinsurer, but only if those facultative risks represent less than 10 percent of the reinsurer's annual gross written premium. Reinsurance, in insurance terms, is a practice where insurance companies transfer portions of risk portfolios to other insurers to reduce their potential financial exposure. The bill also reenacts a related section of statute to incorporate these changes and is set to take effect on July 1, 2026. These modifications aim to provide more precise regulatory guidance for reinsurance intermediary relationships and clarify the scope of management roles within reinsurance operations.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2026/394