CS/CS/HB 465 - Insurance Bill Summary

• Modifies valuation rules for foreign insurers' subsidiary stocks to exempt them from Florida requirements if permissible under their state of domicile laws and the domicile is a National Association of Insurance Commissioners (NAIC) member.

• Exempts foreign insurers domiciled in NAIC member states from Florida investment requirements for subsidiaries and related corporations if those investments are permitted in their home state and meet specified credit ratings.

• Expands the definition of "specialty insurers" to include viatical settlement providers and establishes procedures for persons to rebut presumptions of control by filing disclaimers with the office.

• Authorizes insurers to participate in mediations requested by third-party assignees of policy benefits (with insurers able to decline third-party mediation requests) and allows insurers to issue unexecuted insurance policies without rendering them invalid.

• Extends insurance policy delivery rules to motor vehicle service agreements and health maintenance organization contracts, allowing electronic transmission with notice of the right to receive documents via mail instead.