This bill amends section 626.7492 of the Florida Statutes, which pertains to reinsurance intermediaries. It introduces a new definition for "controlling person," specifying that it refers to any individual or entity with the direct or indirect power to manage or direct the activities of a reinsurance intermediary. Additionally, the definition of "reinsurance intermediary manager" is revised to exclude certain underwriting managers, specifically those who manage all reinsurance operations under common control with the reinsurer and whose compensation is not based on premium volume. The bill also adds a new exclusion for underwriting managers who manage facultative risks for a reinsurer, provided that such business constitutes less than 10 percent of the reinsurer's annual gross written premium.

Furthermore, the bill reenacts a portion of section 626.022 to ensure that the amendments made to section 626.7492 are properly referenced within the broader context of insurance regulations. The effective date for this act is set for July 1, 2026.