No. HB 1163
Filed under Insurance.
Risk Retention Groups; Specifies that risk retention groups registered to do business in this state are insurance companies authorized to do business in this state.
Plain English Summary
AI-GENERATEDAdds a new subsection to the law governing risk retention groups chartered in another state that register to do business in Florida, declaring that a registered group is legally an insurance company authorized to do business here.
Risk retention groups are certificated or licensed in another state and only need to register, not separately license, in Florida; this bill declares a registered group's status equal to an insurer otherwise authorized under state law.
The bill does not change how risk retention groups are formed, who may join one, or how the state supervises them; it adds only this one declaration of authorized status.
AIA risk retention group that registers to do business in Florida under this section is deemed an insurance company authorized to do business in the state, a status many other Florida statutes treat as a threshold test.