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 establish criteria for the evaluation of insurers' financial health by independent entities. 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 detailed information about the circumstances leading to such proceedings.

Additionally, the Office of Insurance Regulation is required to maintain and provide access to information regarding the financial strength ratings of property insurers on request. The bill also specifies that the annual report must include the financial strength ratings for the eight fiscal quarters preceding any delinquency proceedings, along with a summary of actions taken to avoid such situations. The effective date for this act is set for July 1, 2025.