FL H1211

Transfers regulatory powers from the Commissioner of Insurance Regulation to the Office of Insurance Regulation for reinsurance credit determinations under Florida Statute 624.610

Creates new category of "reciprocal jurisdiction" reinsurers eligible for credit, including insurers from non-U.S. jurisdictions with covered agreements under the Dodd-Frank Act, NAIC-accredited U.S. jurisdictions, and other qualified jurisdictions meeting specified requirements

Requires assuming insurers in reciprocal jurisdictions to maintain minimum capital and surplus levels, maintain minimum solvency ratios, submit to Florida court jurisdiction, and designate the Chief Financial Officer as agent for service of process

Mandates assuming insurers provide 100% security for ceded liabilities if they resist enforcement of final judgments or participate in solvent schemes of arrangement affecting Florida ceding insurers

Authorizes the Office of Insurance Regulation to revoke or suspend eligibility of assuming insurers that fail to meet requirements, with effective date of January 1, 2021