HB 635 Summary

• Defines "life and health insurer" to include prepaid limited health service organizations and health maintenance organizations initially authorized in Florida on or after July 1, 2015, and not authorized elsewhere, for purposes of certain insurance regulations.

• Revises annual and quarterly reporting requirements for prepaid limited health service organizations and health maintenance organizations, requiring reports within 3 months of fiscal year end and within 45 days of each quarter end.

• Modifies surplus requirements for health maintenance organizations with certificates issued before July 1, 2015, establishing a phased increase from $1.5 million to $10 million by July 1, 2025, while organizations authorized after that date must maintain the greater of 10% of total liabilities, 2% of annualized premium, or $10 million.

• Establishes alternative premium-to-surplus ratio calculations for health maintenance organizations by adding actual or projected risk revenue to written premiums under section 624.4095.

• Excludes accounts receivable from medical services organizations from health maintenance organization assets beginning January 1, 2016, and repeals provisions allowing health maintenance organizations to pay dividends.