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FL H1661
Bill
Status
Failed
3/8/2024
Primary Sponsor
Spencer Roach
Click for details
AI Summary
- Defines "financial strength rating" as an objective evaluation of a property insurer's assets, liabilities, net worth, financial health, performance, and risk by an independent rating agency
- Defines "independent rating agency" as an entity that issues unbiased ratings without insurer consent or payment, is free from outside control, and is not owned or controlled by any insurer
- Requires the Office of Financial Regulation's annual insurance report to the Legislature and Governor to include financial strength ratings for the previous 8 fiscal quarters for property insurers subject to delinquency or similar proceedings, along with the date of impairment or insolvency, circumstances leading to delinquency, and actions taken to avoid it
- Requires the Office of Financial Regulation to maintain and make available upon request quarterly financial strength ratings for each property insurer, including quarter-to-quarter rating changes, number of downgrades, subsequent upgrades, and the number of downgraded companies subject to delinquency proceedings
- Effective date of July 1, 2024
Legislative Description
Property Insurer Financial Strength Ratings
Last Action
Died in Insurance & Banking Subcommittee
3/8/2024
Committee Referrals
Insurance And Banking Subcommittee1/13/2024
Full Bill Text
No bill text available