Florida Legislation Relating to the NAIC Insurance Holding Model Act Filed for 2011 State Legislative Session
Mar 4, 2011
Two bills relating to the National Association of Insurance Commissioners (“NAIC”) Insurance Holding Company Model Act have been filed for consideration in the 2011 Florida Regular Legislative Session, which begins Tuesday, March 8 and concludes Friday, May 6 unless otherwise extended.
HB 1167, which is substantive, relates to filing requirements for the acquisition of controlling stock of an insurer, with respect to stock and mutual insurers; including prepaid limited health service organizations, health maintenance organizations, prepaid health clinics, continuing care providers and multiple-employer welfare arrangements. The other, HB 1169, exempts certain company information from Florida’s open records law in order to address concerns of having sensitive information made public.
To view the bills, which are linked, click on the hyperlinks in bold type above.
The NAIC’s recently adopted revisions to its Insurance Holding Company Model Act indicate a shift in the Association’s approach to the regulation of insurance holding companies by affording regulators enhanced access to information about the activities and risk profile of an insurer’s non-insurance affiliates.
Should you have any questions or comments, please contact Colodny Fass.