The bill introduces new regulations for the insurance industry in Florida, focusing on background checks for individuals managing insurance companies and oversight of compensation arrangements between insurers and affiliated entities. It establishes section 624.341, requiring the Department of Law Enforcement to process fingerprints from stakeholders in the insurance sector to ensure they have no criminal backgrounds, with procedures for submission and fees outlined. Additionally, section 624.347 is created to set standards for compensation arrangements, mandating documentation to confirm that payments are fair and reasonable. The bill also amends existing statutes to streamline qualifications for general lines agents and removes the definition of "diligent effort" from the Surplus Lines Law.

Moreover, the bill modifies eligibility criteria for exporting insurance coverage and the dispute resolution process for claims made to the Citizens Property Insurance Corporation. It specifies that coverage must be of a type not generally available from authorized insurers in Florida and alters the acknowledgment requirements for insured individuals regarding surplus lines coverage. The Citizens Property Insurance Corporation is permitted to offer policy forms that allow insured individuals to choose arbitration for dispute resolution, with written notification and a specified format for indicating their choice. These changes are 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