Loading chat...
FL H0797
Bill
Status
Passed
6/17/2021
Primary Sponsor
Will Robinson
Click for details
AI Summary
- Defines "Moody's Corporate Bond Yield Average" as the monthly average corporate bond yields published by Moody's Investors Service, Inc., and expands the definition of "person" to include limited liability companies and governmental bodies or entities
- Authorizes the Florida Life and Health Insurance Guaranty Association to assume, reissue, or cause to be reissued covered policies of impaired domestic insurers, and grants the association the right to appear or intervene before courts or agencies in other states with jurisdiction over impaired or insolvent insurers
- Allows the association's board of directors to credit pro rata Class A assessments against future Class B assessments, removing the prior $250 per member insurer annual cap and the prohibition on crediting assessments against future insolvency assessments
- Requires member insurers whose assessments were deferred to pay all deferred amounts pursuant to a repayment plan approved by the association once the conditions causing the deferral are resolved, and removes the special assessment cap for nonprofit insurers issuing annuity contracts for educational institution employees
- Requires the association's plan of operation to include procedures for removing board members who become impaired or insolvent insurers and to establish policies addressing conflicts of interest; effective July 1, 2021
Legislative Description
Florida Life and Health Insurance Guaranty Association
Last Action
Chapter No. 2021-109
6/17/2021
Committee Referrals
Appropriations4/19/2021
Commerce Committee3/9/2021
State Administration & Technology Appropriations Subcommittee3/4/2021
Insurance And Banking Subcommittee2/22/2021
Full Bill Text
No bill text available