No. SB 642
Filed under Insurance.
Foreign and Alien Bail Bond Insurers; Providing duties of certain foreign and alien bail bond insurers relating to reporting bail bond premiums to the Office of Insurance Regulation, keeping records of considerations paid for bail bonds written by the insurers, and disclosing certain information in the financial statements filed with the office, etc.
Plain English Summary
AI-GENERATEDFlorida's bail bond premium rules currently apply only to domestic insurers. This bill extends the same reporting, recordkeeping, and disclosure duties to foreign and alien insurers doing business in the state.
Direct written bail bond premiums, reported net of what agents keep, can never be counted as less than 6.5 percent of what the agent actually collected, and that floor now binds foreign and alien insurers too.
Foreign and alien bail bond insurers must also keep complete records of the total consideration paid on every bond and disclose gross premiums written, state by state, in their annual financial statement.
AIDirect written bail bond premiums, now reported by domestic, foreign, and alien insurers doing business in Florida alike, can never be counted as less than 6.5 percent of the total consideration an agent collected.
AIPremiums a foreign or alien insurer assumes must now be reported consistent with the same net-of-retention and floor rules that already applied only to domestic insurers.
AIForeign and alien bail bond insurers must now keep the same complete and accurate records of total consideration paid on every bond that domestic insurers already must keep.
AIForeign and alien bail bond insurers must now disclose the same premium, tax, and withholding information in their annual financial statement notes that domestic insurers already must disclose.