CS for CS for SB 784 - Insurance Bill Summary

• Reduces surplus lines insurance tax from 5% to 4.936% of gross premiums and eliminates the limitation on tax rates for certain policies.

• Expands professional designations that exempt all-lines adjuster license applicants from examination requirements to include Claims Adjuster Certified Professional (CACP) and similar approved designations.

• Allows third-party assignees of policy benefits to request mediation for disputed property insurance claims, though insurers are not required to participate in such mediations.

• Authorizes insurers to issue insurance policies that are not executed by authorized officers or representatives without invalidating the policy.

• Permits foreign insurers domiciled in NAIC member states to make investments in subsidiaries and related corporations under more flexible standards than domestic insurers, provided investments are rated 1-3 by NAIC or equivalent by nationally recognized rating organizations.