Florida Office of Insurance Regulation Drafts Solvency and Holding Company Act Legislation to Implement NAIC Model Act
Nov 29, 2012
The Florida Office of Insurance Regulation (“OIR”) has drafted legislation to comply with the National Association of Insurance Commissioners Model Insurance Company System Regulatory Act (the “NAIC Model Act”). The NAIC Model Act is intended to determine the best methods to better understand the risks and activities of entities within a holding company system.
Attached please find the OIR’s Solvency and Holding Company Act draft proposal to implement the NAIC Model Act’s standards and coordinating public records exemption. The proposal provides an effective date of October 1, 2013.
Also attached is a summary of the Solvency and Holding Company Act draft proposal provided by the OIR. Please note that this is proposed legislation and has not yet been filed as a bill.
The OIR will be accepting comments on the proposed legislation until December 12, 2012.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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