HB 311 Summary

• Expands the definition of "insurer" under s. 628.461 to include prepaid limited health service organizations, HMOs, prepaid health clinics, continuing care providers, and multiple-employer welfare arrangements.

• Requires persons acquiring 10% or more of voting securities in domestic stock insurers to file detailed statements with the Insurance Commissioner and obtain approval before the transaction can proceed.

• Establishes competitive standards for insurance acquisitions with specific market share thresholds; acquisitions meeting certain criteria are presumed to violate competitive standards unless exceptions apply.

• Creates new insurance holding company system regulations (s. 628.800-628.8014) requiring registration, reporting of affiliate transactions, restrictions on intercompany dealings, and establishment of supervisory colleges for international operations.

• Removes prepaid health organizations from the specialty insurer definition in s. 628.4615, subjecting them instead to the broader acquisition standards in s. 628.461.