Reinsurance Intermediary Managers
SB 394 clarifies definitions for reinsurance intermediary managers in Florida, impacting their operations and enhancing regulatory oversight for better compliance.
SB 394 clarifies definitions for reinsurance intermediary managers in Florida, impacting their operations and enhancing regulatory oversight for better compliance.
Bill Number: SB 394
Title: Reinsurance Intermediary Managers
Status: Filed
Introduced: December 14, 2024
Sponsor: Senator Leek
SB 394 is a legislative proposal aimed at amending existing statutes related to reinsurance intermediary managers in Florida. The bill seeks to clarify definitions and exclusions within the framework governing reinsurance intermediaries.
The primary purpose of SB 394 is to refine the definitions associated with reinsurance intermediary managers and controlling persons. By doing so, the bill aims to enhance regulatory clarity and ensure that certain entities are appropriately categorized under Florida law.
The bill proposes the following significant changes to Section 626.7492 of the Florida Statutes:
Definition of "Controlling Person":
Revised Definition of "Reinsurance Intermediary Manager":
Reenactment of Related Statutes:
The changes proposed in SB 394 would primarily affect:
- Reinsurance Intermediary Managers: The bill clarifies who qualifies as a reinsurance intermediary manager, potentially impacting how these entities operate and are regulated.
- Reinsurers: The exclusions may affect how reinsurers manage their operations and relationships with intermediary managers.
- Regulatory Authorities: The bill provides clearer definitions that may streamline regulatory oversight and compliance processes.
SB 394 aims to enhance the regulatory framework surrounding reinsurance intermediary managers in Florida by refining definitions and clarifying exclusions. This legislative effort is intended to improve the clarity and efficiency of the regulatory environment for reinsurance practices in the state.
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