FL S1844

Exempts alien insurers domiciled outside the United States from certificate of authority requirements if they cover only nonresidents of the United States, provided they register with the Office of Insurance Regulation and submit annual financial documentation and licensing information.

Defines "nonresident" as a person or entity domiciled in a country other than the United States, with a presumption that anyone with 180+ days of principal domicile in the U.S. in the prior 365 days, voter registration, domicile statement, or homestead exemption in any state is considered a U.S. resident.

Allows life insurance policies and annuity contracts to be issued by insurers domiciled outside the United States to nonresidents if the insurer has been authorized in its home country for 3 years (or 1 year with $25 million capital and surplus), maintains $15 million surplus, and provides financial statements and regulatory certifications to the office.

Requires applicants to receive clear notice that the policy is not approved by Florida, that the insurer lacks regulatory oversight from Florida, includes the foreign insurer's ratings, and contains prominent disclaimers that foreign law governs the policy and benefits are not covered by the Florida Life and Health Insurance Guaranty Association.

Subjects alien insurers issuing such policies to Florida's Unfair Insurance Trade Practices Act, exempts policies from premium tax, and authorizes the office to examine insurers and withdraw eligibility if they become insolvent or fail to meet conditions.