Florida H1053 amends insurance laws, affecting risk retention groups and the Florida Hurricane Catastrophe Fund.

Florida H1053 amends the state's insurance laws to modify the operations and taxation of risk retention groups. It subjects these groups to the same tax rates and penalties as surplus lines insurers. Agents must report and pay taxes for premiums placed with non-certificated risk retention groups. The bill also revises the Florida Hurricane Catastrophe Fund's reimbursement formula and coverage limits, aiming to provide insurers with more time to negotiate private reinsurance.

Florida H1053 amends insurance laws, affecting risk retention groups and the Florida Hurricane Catastrophe Fund.

Florida H1053 amends the state's insurance laws to modify the operations and taxation of risk retention groups. It subjects these groups to the same tax rates and penalties as surplus lines insurers. Agents must report and pay taxes for premiums placed with non-certificated risk retention groups. The bill also revises the Florida Hurricane Catastrophe Fund's reimbursement formula and coverage limits, aiming to provide insurers with more time to negotiate private reinsurance.