CS/HB 409 - Alien Insurers

• Exempts foreign-domiciled insurers from obtaining a certificate of authority in Florida if they cover only nonresidents of the United States and meet specified requirements including registration with the Office of Insurance Regulation and annual reporting.

• Requires foreign insurers to provide annual disclosures including company name, ownership, officers, directors, insurance lines offered, licensing certification from home country, and employee count in Florida by March 1 each year.

• Establishes that all policies issued must contain a statement in contrasting 10-point type stating: "The policy providing your coverage and the insurer providing this policy have not been approved by the Florida Office of Insurance Regulation."

• Creates a separate exemption pathway for life insurance and annuity insurers with stricter financial requirements including $25 million capital and surplus, $15 million policyholder surplus, good reputation for claims payment, and mandatory applicant disclosures about insurer organization date, financial ratings, lack of state certificate of authority, and oversight authority.

• Exempts eligible foreign life and annuity insurers from premium tax and subjects them to unfair trade practice laws; violations are subject to penalties under Florida statute 624.15.