Florida S0394 amends the definition of "reinsurance intermediary manager" to exclude certain underwriting managers.

Florida S0394 amends the definition of "reinsurance intermediary manager" to exclude certain underwriting managers. Specifically, it excludes underwriting managers managing assumed facultative risks if such business is less than 10 percent of the reinsurer's annual gross written premium. This change affects the scope of Florida's insurance regulations, ensuring that only certain managers are subject to state oversight. The act incorporates these changes into relevant sections of the Florida Statutes and takes effect on July 1, 2026.

Florida S0394 amends the definition of "reinsurance intermediary manager" to exclude certain underwriting managers.

Florida S0394 amends the definition of "reinsurance intermediary manager" to exclude certain underwriting managers. Specifically, it excludes underwriting managers managing assumed facultative risks if such business is less than 10 percent of the reinsurer's annual gross written premium. This change affects the scope of Florida's insurance regulations, ensuring that only certain managers are subject to state oversight. The act incorporates these changes into relevant sections of the Florida Statutes and takes effect on July 1, 2026.