No. SB 394
Filed under Insurance.
Reinsurance Intermediary Managers; Defining the term “controlling”; revising the definition of the term “reinsurance intermediary manager” to exclude certain underwriting managers, etc.
Plain English Summary
AI-GENERATEDThe bill adds a new exemption for underwriting managers handling small facultative books. This removes a licensing requirement for a specific class of reinsurance professionals.
It tightens the definition of 'controlling person' to focus on the power to direct management. This clarifies who is considered a controlling entity under the statute.
The bill corrects punctuation and grammar in the list of existing exemptions. These changes ensure the legal text is clear and properly formatted.
AIAdds a new category of underwriting managers who are not considered reinsurance intermediary managers if their business is small.
AIReplaces the old definition with a new one that explicitly includes indirect power.
AIChanges the grammatical reference for the existing exclusion of underwriting managers.
AIUpdates the verb form for managers of joint underwriting groups to match the plural subject.