The proposed bill introduces significant regulatory changes to the insurance industry in Florida, focusing on background checks for individuals managing insurance companies and oversight of affiliate transactions. It establishes Section 624.341, which requires the Department of Law Enforcement to process fingerprints from stakeholders in the insurance sector to ensure they do not have criminal backgrounds. The bill outlines the procedures for fingerprint submission, associated fees, and mandates background checks through state and federal agencies. Additionally, it facilitates the exchange of criminal history records between the Department of Law Enforcement and the Office of Insurance Regulation for licensing purposes.

Moreover, the bill creates Section 624.347, which sets standards for compensation arrangements between insurers and affiliated entities, requiring documentation that payments to affiliates are fair and reasonable, with penalties for non-compliance. It also amends existing statutes by removing certain definitions and requirements, such as the term "diligent effort" in surplus lines insurance, and reduces the required coursework for general lines agents from 200 to 60 hours. The bill further modifies eligibility criteria for insurance coverage export and the dispute resolution process for claims with the Citizens Property Insurance Corporation, allowing for arbitration options and clarifying notification requirements. The act is set to take effect on July 1, 2025.

Statutes affected:
H 643 Filed: 626.913, 626.914, 626.916, 627.4085, 627.701, 627.70131, 627.70132, 627.70152, 627.952, 626.931, 627.351, 626.918, 626.9325, 626.9541, 626.935, 627.715
H 643 c1: 626.914, 627.351
H 643 c2: 624.424, 626.732, 626.914, 627.351