Florida S0234 requires insurers to report certain financial transactions to the Office of Insurance Regulation and prohibits certain transactions.

Florida S0234 mandates that insurers doing business in the state report annually to the Office of Insurance Regulation on fees, commissions, or other financial considerations paid to affiliates. Insurers must also certify that these payments do not exceed 20 percent of their gross written premiums. If they do, insurers must report the total amount of dividends and officer and director compensation paid during the same period. The bill also requires the Office of Insurance Regulation to contract annually with an independent third-party entity to review these transactions.

Florida S0234 requires insurers to report certain financial transactions to the Office of Insurance Regulation and prohibits certain transactions.

Florida S0234 mandates that insurers doing business in the state report annually to the Office of Insurance Regulation on fees, commissions, or other financial considerations paid to affiliates. Insurers must also certify that these payments do not exceed 20 percent of their gross written premiums. If they do, insurers must report the total amount of dividends and officer and director compensation paid during the same period. The bill also requires the Office of Insurance Regulation to contract annually with an independent third-party entity to review these transactions.