CS for CS for SB 1620 Summary

• Expands captive insurance company licensing options in Florida with new categories (pure captive, industrial insured, special purpose) with varying capital requirements ($100,000-$500,000) and operational requirements including annual reporting and board meetings in-state.

• Allows foreign insurers domiciled outside the U.S. to issue life insurance and annuity contracts to non-U.S. residents if they maintain $15 million surplus, provide financial statements, and include consumer warnings that policies are not covered by Florida guaranty associations.

• Modifies insurance agent licensing requirements including allowing travel insurance agents employed by general lines agents or travel planning businesses, and authorizes Department of Financial Services to offer licensing exams in Spanish at applicant expense.

• Increases surplus requirement for limited apportionment companies from $20 million to $25 million and requires Citizens Property Insurance Corporation to offer basic personal lines policies with specified valuation methods for replacement costs.

• Makes minor technical changes to motor vehicle insurance, property insurance claims procedures, sinkhole coverage, and adds provisions addressing portable electronics insurance claims and alteration of property/casualty certificates as unfair practices.