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 insurance 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 access to information regarding the financial strength ratings of property insurers on a quarterly basis. This includes tracking changes in ratings, the number of downgrades, and the status of downgraded companies that have faced delinquency proceedings. The effective date for this act is set for July 1, 2025.