The 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. It specifies that these groups are considered insurance companies authorized to operate within the state. This change aims to ensure that risk retention groups, which are typically formed to provide liability insurance to their members, are recognized under Florida law as legitimate insurance entities.

Additionally, the bill introduces a new subsection (13) to outline this authorization explicitly. The effective date for this legislation is set for July 1, 2026, allowing time for implementation and compliance by the affected risk retention groups.