(1) For the purposes of this rule, “”internationally active insurance group”” means an insurance holding company system that:
    (a) Includes an insurer registered under Fl. Admin. Code R. 69O-143.046; and
    (b) Meets the following criteria:
    1. Premiums written in at least three countries;
    2. The percentage of gross premiums written outside the United States is at least ten percent (10%) of the insurance holding company system’s total gross written premiums; and
    3. Based on a three-year rolling average, the total assets of the insurance holding company system are at least fifty billion dollars ($50,000,000,000) or the total gross written premiums of the insurance holding company system are at least ten billion dollars ($10,000,000,000).
    (2) “”Insurance Holding Company System”” consists of two or more affiliated persons, one or more of which is an insurer.
    (3)(a) The Office is authorized to act as the groupwide supervisor for any internationally active insurance group in accordance with Fl. Admin. Code R. 69O-143.046, and Florida Statutes § 628.804 However, the Office may otherwise acknowledge another regulatory official as the groupwide supervisor where the internationally active insurance group:
    1. Does not have substantial insurance operations in the United States;
    2. Has substantial insurance operations in the United States, but not in this state; or
    3. Has substantial insurance operations in the United States and this state, but the Office has determined pursuant to the factors set forth in subsections (4) and (8) that the other regulatory official is the appropriate groupwide supervisor.
    (b) An insurance holding company system that does not otherwise qualify as an internationally active insurance group may request that the Office make a determination or acknowledgment as to a groupwide supervisor pursuant to this subsection.
    (4)(a) In cooperation with other state, federal and international regulatory agencies, the Office will identify a single groupwide supervisor for an internationally active insurance group. The Office may determine that the Office is the appropriate groupwide supervisor for an internationally active insurance group that conducts substantial insurance operations concentrated in this state. However, the Office may acknowledge that a regulatory official from another jurisdiction is the appropriate groupwide supervisor for the internationally active insurance group. The Office shall consider the following factors when making a determination or acknowledgment under this subsection:
    1. The place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group’s written premiums, assets or liabilities;
    2. The place of domicile of the top-tiered insurer(s) in the insurance holding company system of the internationally active insurance group;
    3. The location of the executive offices or largest operational offices of the internationally active insurance group;
    4. Whether another regulatory official is acting or is seeking to act as the groupwide supervisor under a regulatory system that the Office determines to be:
    a. Substantially similar to the system of regulation provided under the laws of this state, or
    b. Otherwise sufficient in terms of providing for groupwide supervision, enterprise risk analysis, and cooperation with other regulatory officials; and
    5. Whether another regulatory official acting or seeking to act as the groupwide supervisor provides the Office with reasonably reciprocal recognition and cooperation.
    (b) However, a regulatory official identified under this rule as the groupwide supervisor may determine that it is appropriate to acknowledge another supervisor to serve as the groupwide supervisor. The acknowledgment of the groupwide supervisor shall be made after consideration of the factors listed in subparagraphs (a)1. through (a)5. above, and shall be made in cooperation with and subject to the acknowledgment of other regulatory officials involved with supervision of members of the internationally active insurance group, and in consultation with the internationally active insurance group.
    (5) Notwithstanding any other provision of law, when another regulatory official is acting as the groupwide supervisor of an internationally active insurance group, the Office shall acknowledge that regulatory official as the groupwide supervisor. However, in the event of a material change in the internationally active insurance group that results in:
    (a) The internationally active insurance group’s insurers domiciled in this state holding the largest share of the group’s premiums, assets or liabilities; or
    (b) This state being the place of domicile of the top-tiered insurer(s) in the insurance holding company system of the internationally active insurance group, the Office shall make a determination or acknowledgment as to the appropriate groupwide supervisor for such an internationally active insurance group pursuant to subsection (4).
    (6) Pursuant to Florida Statutes § 628.801(3), the Office is authorized to collect from any insurer registered pursuant to Fl. Admin. Code R. 69O-143.046, all information necessary to determine whether the Office may act as the groupwide supervisor of an internationally active insurance group or if the Office may acknowledge another regulatory official to act as the groupwide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to groupwide supervision by the Office, the Office shall notify the insurer registered pursuant to Fl. Admin. Code R. 69O-143.046, and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have not less than thirty (30) days to provide the Office with additional information pertinent to the pending determination. The Office shall publish the identity of internationally active insurance groups that the Office has determined are subject to groupwide supervision by the Office.
    (7) If the Office is the groupwide supervisor for an internationally active insurance group, the Office is authorized to engage in any of the following groupwide supervision activities.
    (a) Assess the enterprise risks within the internationally active insurance group to ensure that:
    1. The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management; and
    2. Reasonable and effective mitigation measures are in place.
    (b) Request, from any member of an internationally active insurance group subject to the Office’s supervision, information necessary and appropriate to assess enterprise risk, including, but not limited to, information about the members of the internationally active insurance group regarding:
    1. Governance, risk assessment and management;
    2. Capital adequacy; and
    3. Material intercompany transactions.
    (c) Coordinate and, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, compel development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of such internationally active insurance group that are engaged in the business of insurance.
    (d) Communicate with other state, federal and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions of Florida Statutes § 628.801(4), through supervisory colleges as set forth in Florida Statutes § 628.805, or otherwise.
    (e) Enter into agreements with or obtain documentation from any insurer registered under Fl. Admin. Code R. 69O-143.046, any member of the internationally active insurance group, and any other state, federal and international regulatory agencies for members of the internationally active insurance group, providing the basis for or otherwise clarifying the Office’s role as groupwide supervisor, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation shall not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in this state is doing business in this state or is otherwise subject to jurisdiction in this state.
    (f) Other groupwide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the Office.
    (8) If the Office acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the groupwide supervisor, the Office is authorized to reasonably cooperate, through supervisory colleges or otherwise, with groupwide supervision undertaken by the groupwide supervisor, provided that:
    (a) The Office’s cooperation is in compliance with the laws of this state; and
    (b) The regulatory official acknowledged as the groupwide supervisor also recognizes and cooperates with the Office’s activities as a groupwide supervisor for other internationally active insurance groups where applicable. Where such recognition and cooperation is not reasonably reciprocal, the Office is authorized to refuse recognition and cooperation.
    (9) The Office is authorized to enter into agreements with or obtain documentation from any insurer registered under Fl. Admin. Code R. 69O-143.046, any affiliate of the insurer, and other state, federal and international regulatory agencies for members of the internationally active insurance group, that provide the basis for or otherwise clarify a regulatory official’s role as groupwide supervisor.
Rulemaking Authority 624.308(1), 628.801(1), 628.804(4) FS. Law Implemented 624.307(1), 628.801, 628.804 FS. History—New 1-3-21, Amended 1-4-24.