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. The bill specifies that 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. Additionally, it requires insurers to maintain accurate records of total consideration paid for all bail bonds and to disclose specific financial information in their annual statements filed with the Office of Insurance Regulation.

Key changes include the insertion of the terms "foreign" and "alien" to clarify that the new requirements apply to all types of bail bond insurers operating in Florida. The language also shifts from "shall" to "must" in several instances, indicating a stronger obligation for compliance. The bill is set to take effect on July 1, 2026.

Statutes affected:
S 642 Filed: 624.4094