Florida SB 394: Fire Safety

Bill Text

394 
Reinsurance Intermediary Managers 
2026-03-18T04:51:42Z 
Defining the term “controlling”; revising the definition of the term “reinsurance intermediary manager” to exclude certain underwriting managers, etc. 
ENROLLED 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
er 

 ENROLLED 
 2026 Legislature SB 394 

 2026394er 
 1 
 2 An act relating to reinsurance intermediary managers; 
 3 amending s. 626.7492, F.S.; defining the term 
 4 “controlling”; revising the definition of the term 
 5 “reinsurance intermediary manager” to exclude certain 
 6 underwriting managers; reenacting s. 626.022(1)(a), 
 7 F.S., relating to the scope of part I of ch. 626, 
 8 F.S., to incorporate the amendment made to s. 
 9 626.7492, F.S., in a reference thereto; providing an 
 10 effective date. 
 11 
 12 Be It Enacted by the Legislature of the State of Florida: 
 13 
 14 Section 1. Paragraphs (b) and (g) of subsection (2) of 
 15 section 626.7492, Florida Statutes, are amended to read: 
 16 626.7492 Reinsurance intermediaries.— 
 17 (2) DEFINITIONS.—As used in this section: 
 18 (b) “Controlling person” means having the direct or 
 19 indirect power, as a any person, firm, association, or 
 20 corporation, who directly or indirectly has the power to direct 
 21 or cause to be directed, the management, control, or activities 
 22 of the reinsurance intermediary. 
 23 (g) “Reinsurance intermediary manager” means any person who 
 24 has authority to bind, or manages all or part of, the assumed 
 25 reinsurance business of a reinsurer, including the management of 
 26 a separate division, department, or underwriting office, and 
 27 acts as a representative for the reinsurer whether known as a 
 28 reinsurance intermediary manager, manager, or other similar 
 29 term. Notwithstanding the above, none of the following persons 
 30 is a reinsurance intermediary manager with respect to the 
 31 reinsurer for the purposes of this section: 
 32 1. An employee of the reinsurer.; 
 33 2. A manager of the United States branch of an alien 
 34 reinsurer.; 
 35 3. An underwriting manager who which, pursuant to contract, 
 36 manages all the reinsurance operations of the reinsurer, is 
 37 under common control with the reinsurer, subject to the holding 
 38 company act, and whose compensation is not based on the volume 
 39 of premiums written. 
 40 4. The manager of a group, association, pool, or 
 41 organization of insurers which engages engage in joint 
 42 underwriting or joint reinsurance and who are subject to 
 43 examination by the insurance regulatory authority of the state 
 44 in which the manager’s principal business office is located. 
 45 5. An underwriting manager who manages assumed facultative 
 46 risks for a reinsurer, if the facultative reinsurance business 
 47 managed by the underwriting manager is less than 10 percent of 
 48 the assumed annual gross written premium of the reinsurer. 
 49 Section 2. For the purpose of incorporating the amendment 
 50 made by this act to section 626.7492, Florida Statutes, in a 
 51 reference thereto, paragraph (a) of subsection (1) of section 
 52 626.022, Florida Statutes, is reenacted to read: 
 53 626.022 Scope of part.— 
 54 (1) This part applies as to insurance agents, service 
 55 representatives, adjusters, and insurance agencies; as to any 
 56 and all kinds of insurance; and as to stock insurers, mutual 
 57 insurers, reciprocal insurers, and all other types of insurers, 
 58 except that: 
 59 (a) It does not apply as to reinsurance, except that ss. 
 60 626.011-626.022, ss. 626.112-626.181, ss. 626.191-626.211, ss. 
 61 626.291-626.301, s. 626.331, ss. 626.342-626.511, ss. 626.541 
 62 626.591, and ss. 626.601-626.711 shall apply as to reinsurance 
 63 intermediaries as defined in s. 626.7492. 
 64 Section 3. This act shall take effect July 1, 2026.