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Subcommittee reports favorably on licensure change for reinsurance intermediary managers
Summary
HB 99 would change the licensing framework for certain underwriting/intermediary managers that place facultative reinsurance, replacing an intermediary-manager license with an agency license when facultative business is under 10% of a reinsurer’s assumed gross written premium; the committee reported the bill favorably with no public opposition recorded.
Representative Gentry told the committee HB 99 addresses licensure for intermediary managers who broker relationships between insurers and reinsurers. He said the bill exempts certain underwriting managers from the intermediary-manager statute when facultative reinsurance business they manage is less than 10% of an individual reinsurer's assumed annual gross written premium and instead requires an agency license.
Representative Gentry said only a handful of intermediary managers operate in Florida and that the change primarily shifts the form of licensure. There was no public testimony and no debate; the committee voted to report HB 99 favorably.
Representative Miller moved to adjourn; the motion passed and the committee adjourned.
