Panel approves bill to align out-of-state bail bond insurers with Florida reporting and rate practices

Representative Valdez presented HB271 to require parity between Florida domestic insurers and foreign or alien insurers that do bail-bond business in the state by capping reported bail-bond rates at 6.5%.

"This bill creates an equal playing field for insurance for insurers by capping bail bond rates at 6.5%," Valdez said, explaining sponsors seek to remove a reporting advantage that allows out-of-state corporations to show lower reported premiums and thus lower taxes or stronger financial ratios.

Representative Henson asked for clarification about the bill's necessity; Valdez replied the change prevents nonresident corporations from gaining a competitive advantage by reporting lower premiums, preserves competition, and ensures all carriers contribute equitably to the market and regulatory systems.

There was no public testimony. Valdez closed and Miss Amy called the roll; the committee reported HB271 favorably and the meeting adjourned.