This bill amends section 624.315 of the Florida Statutes to enhance the reporting requirements related to the financial strength ratings of property insurers. It introduces new definitions, including "financial strength rating" and "independent rating agency," which outline the criteria for evaluating insurers' financial health and the independence of rating agencies. The bill mandates that annual reports prepared by the Office of Insurance Regulation for the Legislature and the Governor must now include the financial strength ratings of property insurers that have faced delinquency or similar proceedings, as well as additional details such as the circumstances leading to the delinquency and actions taken to avoid it.

Furthermore, the bill requires the Office of Insurance Regulation to maintain and provide information on the financial strength ratings of property insurers on request. It specifies that the financial strength ratings must be reported for each quarter during the reporting period, including any changes in ratings and the number of downgrades. The bill also includes provisions for handling trade secret information in reports, ensuring that sensitive data remains protected. The act is set to take effect on July 1, 2025.