Florida Senate Budget Subcommittee on General Government Appropriations Amends, Passes SB 1836 Relating to Captive Insurers
Apr 13, 2011
The Senate Budget Subcommittee on General Government Appropriations met today, April 13, 2011, and considered CS/SB 1836 relating to captive insurers. CS/SB 1836 is sponsored by Senator Miguel Diaz de la Portilla and the Senate Banking and Insurance Committee.
Senator Diaz de la Portilla described his bill, noting that it has two components. The first is to allow foreign insurance companies to sell life and health insurance to non-United States residents. The second component addresses captive insurers and provides for a streamlined regulatory framework. Senator Diaz de la Portilla stated that he worked closely with the Office of Insurance Regulation in drafting the bill to make Florida attractive for captives.
Following introduction of the bill, Senator Diaz de la Portilla was recognized to explain his late-filed Amendment 340560. The amendment replaces section 1 of CS/SB 1836 to clarify the circumstances in which an insurer domiciled outside of the United States may issue policies to nonresidents of the United States.
The amendment was adopted without objection. The Committee then considered the bill as amended. There was no debate or public testimony on the bill. A vote was taken, and CS/SB 1836, as amended, was passed by the Senate Budget Subcommittee on General Government Appropriations.
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