HB 1329 Summary

• Foreign insurers with regulatory approval from U.S. territories may transact health insurance in Florida if they meet specified requirements, bypassing the standard 3-year operating history requirement.

• Foreign insurers must submit financial statements, policy forms, rates with actuarial certifications, and provider network documentation to the Florida Office of Insurance Regulation.

• Foreign insurers must incorporate all territorial regulatory requirements and consumer protections into their policies and consent to enforcement by Florida courts.

• Foreign insurers must prominently display on all materials that territorial laws, not Florida law, govern the insurance policies and transactions.

• Foreign insurers meeting these conditions are exempt from all Florida insurance-specific taxes, including premium tax and nonadmitted insurance tax; term "territory of the United States" includes American Samoa, Puerto Rico, Guam, Northern Mariana Islands, and U.S. Virgin Islands.

• Effective date: July 1, 2023.