Bill > S1308

This bill, titled "Insurer Solvency," aims to strengthen the financial oversight of insurance companies in Florida by introducing new definitions for terms like "affiliate," "affiliated person," and "control" within the Florida Insurance Code, clarifying that document production during examinations does not waive attorney-client or work-product privileges, and requiring insurers' annual financial statements to include an actuarial opinion summary. It revises the Standard Valuation Law and the Standard Nonforfeiture Law to align with updated actuarial standards and introduces provisions for the group-wide supervision of international insurance groups, establishing mechanisms for regulatory cooperation and information sharing among different jurisdictions. The bill also updates risk-based capital requirements, modifies rules for acquiring controlling stock in domestic insurers, and mandates annual enterprise risk reports for ultimate controlling persons of insurance holding companies, with provisions for supervisory colleges to enhance collaborative oversight of complex insurance groups.