This bill amends section 627.944 of the Florida Statutes to clarify the status of risk retention groups that are registered to do business in Florida. Specifically, it introduces a new subsection (13) that states that a risk retention group registered in the state is considered an insurance company authorized to operate within Florida. This change aims to provide clearer legal recognition and regulatory framework for these entities.

The bill is set to take effect on July 1, 2026, ensuring that risk retention groups operating in Florida are subject to the same laws and regulations as other insurance companies in the state. This amendment is intended to enhance the oversight and accountability of risk retention groups, aligning them with the existing insurance regulatory framework.