No. HB 99
Filed under Insurance.
Reinsurance Intermediary Managers; Revises definition of term "reinsurance intermediary manager" to exclude certain underwriting managers.
Plain English Summary
AI-GENERATEDFlorida law lists several kinds of underwriting managers who are not treated as a "reinsurance intermediary manager" even though they manage part of a reinsurer's business. This bill adds one more to that list.
An underwriting manager that handles a reinsurer's facultative reinsurance business now falls outside that definition too, as long as that business stays under 10 percent of the reinsurer's total yearly premium.
The 10 percent line is measured against the reinsurer's own total premium, not the manager's book of business, so the same manager could count differently depending on which reinsurer it works for.
A separate wording change to the definition of "controlling person" in the same section is described by the bill itself as a technical rewording, not a substantive change.
AIAn underwriting manager that manages a reinsurer's assumed facultative reinsurance business is no longer treated as a "reinsurance intermediary manager" under this section, as long as that business stays under 10 percent of the reinsurer's total annual written premium.