This bill amends section 626.7492 of the Florida Statutes, which pertains to reinsurance intermediaries. It revises the definitions of "controlling person" and "reinsurance intermediary manager." The definition of "controlling person" is updated to clarify that it refers to any individual or entity with the direct or indirect power to direct the management or activities of a reinsurance intermediary. Additionally, the definition of "reinsurance intermediary manager" is modified to exclude certain underwriting managers, specifically those managing facultative risks for a reinsurer if their business constitutes less than 10 percent of the reinsurer's assumed annual gross written premium.

Furthermore, the bill reenacts paragraph (a) of subsection (1) of section 626.022 to incorporate the amendments made to section 626.7492, ensuring that the scope of the law applies to reinsurance intermediaries as defined in the updated section. The bill is set to take effect on July 1, 2026.