The bill amends Section 624.4094 of the Florida Statutes to establish new reporting and record-keeping requirements for foreign and alien bail bond insurers. It mandates that these insurers report bail bond premiums net of amounts retained by licensed bail bond agents or appointed managing general agents. Additionally, the bill specifies that the direct written premiums for bail bonds must not be less than 6.5 percent of the total consideration received by the agent for all bail bonds written. The amendments also require insurers to maintain accurate records of total considerations paid for all bail bonds and to disclose specific financial information in their annual statements filed with the Office of Insurance Regulation.

Key insertions in the bill include the inclusion of "foreign or alien" insurers in the reporting requirements and the use of "must" instead of "shall" to indicate obligations. The bill also outlines the specific information that must be disclosed in financial statements, such as gross bail bond premiums written in each state, premium taxes incurred, and total consideration withheld by agents. The act is set to take effect on July 1, 2026.

Statutes affected:
S 642 Filed: 624.4094