SB 1308 – relating to Insurer Solvency
On Thursday, April 24th, SB 1308, relating to Insurer Solvency, by Senator David Simmons (R-Altamonte Springs) unanimously passed the Senate chamber. The bill now heads to the House for consideration.
This bill adopts several updates from the National Association of Insurance Commissioners (NAIC). Specifically, the bill adds additional protections for holding company systems, updates requirements for life insurance reserves, and improves actuarial information provided to the Office of Insurance Regulation from insurers.
AIF supports legislation that modernizes insurance regulation and takes steps to achieve uniformity with other states, creating consistent regulations and a more efficient allocation of capital, which improves Florida’s insurance marketplace for business and personal lines policyholders.
