Reinsurance Intermediary Managers

This bill updates the legal definition of a 'reinsurance intermediary manager' to exclude specific types of underwriting managers who are closely tied to the reinsurer, such as employees, managers of foreign branches, or those managing less than 10% of facultative risks. The change clarifies that these excluded managers do not need to comply with the same regulatory requirements as other reinsurance intermediaries. The bill also corrects a grammatical error in the definition of a 'controlling person' and sets the effective date for July 1, 2026.