FPCA Member Comments Needed Immediately on Pending MGA Regulation Amendment
Mar 25, 2010
The Florida Property and Casualty Association (“FPCA”) will be meeting with legislators today, March 25, 2010, on an amendment filed yesterday by Senator Mike Fasano to Senate Bill 2176, which would provide that companies affiliated with a domestic insurer may not issue a dividend or distribute cash or other property to shareholders unless the dividend or distribution is from that part of the available and accumulated surplus funds derived from realized net operating profits on insurer business and net realized capital gains.
Because of time constraints, neither the amendment, nor SB 2176 were heard in yesterday’s Senate Committee on Banking and Insurance.
Note: FPCA member comment and feedback on Senator Fasano’s amendment is needed immediately to assist in discussing the related issues with legislators. A copy of the amendment is attached for reference.
The amendment also will be discussed at both tomorrow’s (Friday, March 26) Auto and Homeowners’ Division meetings.