THE BILL ITSELF
HB 99
Reinsurance Intermediary Managers
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A bill to be entitled
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An act relating to reinsurance intermediary managers;
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amending s. 626.7492, F.S.; revising the definition of
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the term "controlling person" to make technical
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changes and the term "reinsurance intermediary
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manager" to exclude certain underwriting managers;
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reenacting s. 626.022(1)(a), F.S., relating to scope
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of part, to incorporate the amendment made to s.
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626.7492, F.S., in a reference thereto; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Paragraphs (b) and (g) of subsection (2) of section 626.7492, Florida Statutes, are amended to read:
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626.7492 Reinsurance intermediaries.—
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(2) DEFINITIONS.—As used in this section:
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(b) "Controlling person" means having the direct or
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indirect power, as a any person, firm, association, or
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corporation, who directly or indirectly has the power to direct
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or cause to be directed, the management, control, or activities
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of the reinsurance intermediary.
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(g) "Reinsurance intermediary manager" means any person
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who has authority to bind, or manages all or part of, the
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assumed reinsurance business of a reinsurer, including the
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management of a separate division, department, or underwriting
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office, and acts as a representative for the reinsurer whether
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known as a reinsurance intermediary manager, manager, or other
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similar term. Notwithstanding the above, none of the following
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persons is a reinsurance intermediary manager with respect to
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the reinsurer for the purposes of this section:
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1. An employee of the reinsurer;
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2. A manager of the United States branch of an alien
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reinsurer;
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3. An underwriting manager which, pursuant to contract,
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manages all the reinsurance operations of the reinsurer, is
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under common control with the reinsurer, subject to the holding
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company act, and whose compensation is not based on the volume
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of premiums written.
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4. The manager of a group, association, pool, or
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organization of insurers which engage in joint underwriting or
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joint reinsurance and who are subject to examination by the
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insurance regulatory authority of the state in which the
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manager's principal business office is located.
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5. An underwriting manager which manages assumed
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facultative risks for a reinsurer if the facultative reinsurance
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business managed by the underwriting manager is less than 10
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percent of the assumed annual gross written premium of the
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reinsurer.
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Section 2. For the purpose of incorporating the amendment
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made by this act to section 626.7492, Florida Statutes, in a
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reference thereto, paragraph (a) of subsection (1) of section
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626.022, Florida Statutes, is reenacted to read:
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626.022 Scope of part.—
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(1) This part applies as to insurance agents, service
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representatives, adjusters, and insurance agencies; as to any
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and all kinds of insurance; and as to stock insurers, mutual
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insurers, reciprocal insurers, and all other types of insurers,
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except that:
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(a) It does not apply as to reinsurance, except that ss.
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626.011-626.022, ss. 626.112-626.181, ss. 626.191-626.211, ss.
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626.291-626.301, s. 626.331, ss. 626.342-626.511, ss. 626.541-
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626.591, and ss. 626.601-626.711 shall apply as to reinsurance
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intermediaries as defined in s. 626.7492.
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This act shall take effect July 1, 2026. Section 3.