Florida H1163 amends state law to classify risk retention groups registered in Florida as insurance companies.

Florida H1163 amends section 627.944 of the Florida Statutes to specify that risk retention groups registered to do business in Florida are considered insurance companies authorized to operate in the state. This change aims to clarify the legal status of such groups within Florida's regulatory framework. The bill also addresses risk retention groups licensed in other states that wish to operate in Florida, requiring them to comply with Florida's laws. The act is set to take effect on July 1, 2026.

Florida H1163 amends state law to classify risk retention groups registered in Florida as insurance companies.

Florida H1163 amends section 627.944 of the Florida Statutes to specify that risk retention groups registered to do business in Florida are considered insurance companies authorized to operate in the state. This change aims to clarify the legal status of such groups within Florida's regulatory framework. The bill also addresses risk retention groups licensed in other states that wish to operate in Florida, requiring them to comply with Florida's laws. The act is set to take effect on July 1, 2026.