This bill amends various sections of Florida Statutes concerning insurance regulations, with a primary focus on enhancing the roles and responsibilities of the Chief Financial Officer (CFO) and the Office of Insurance Regulation. Key provisions include designating the CFO as the agent for service of process for health maintenance organizations and introducing new requirements for fingerprinting and background checks for individuals involved in the insurance industry. The bill also mandates that the Commissioner of Insurance Regulation publish notices in the Florida Administrative Register regarding emergency orders, replacing the previous requirement for a copy of the order text. Additionally, it establishes cybersecurity rules for insurance data, introduces rate transparency reports for residential property insurers, and revises definitions and filing requirements for various types of insurers.

Further amendments aim to improve consumer protection and regulatory oversight within the insurance sector. The bill introduces new requirements for insurance agents selling annuities, emphasizing transparency and consumer understanding of annuity features. It also streamlines the incorporation process for insurers and enhances financial reporting requirements for health maintenance organizations and continuing care providers. Notably, the bill establishes stricter guidelines for management companies operating in continuing care retirement communities, including the requirement for a certificate of authority and the imposition of fines for noncompliance. Overall, the legislation seeks to strengthen the regulatory framework governing insurance practices in Florida, ensuring financial stability and accountability while enhancing consumer protections.

Statutes affected:
S 1656 Filed: 48.151, 252.63, 624.4085, 624.45, 626.9651, 627.062, 627.0621, 627.0645, 627.0651, 627.4554, 627.642, 627.657, 627.7152, 628.081, 628.4615, 628.717, 628.719, 628.910, 629.011, 629.071, 629.081, 629.121, 629.171, 629.181, 629.201, 629.271, 629.301, 629.401, 629.520, 634.401, 651.018, 651.019, 651.034, 651.043, 651.071, 651.1065, 651.108, 651.114
S 1656 c1: 48.151, 252.63, 624.4085, 624.424, 624.45, 626.9651, 627.062, 627.0645, 627.0651, 627.4554, 627.7152, 628.081, 628.4615, 628.717, 628.719, 628.910, 629.011, 629.071, 629.081, 629.121, 629.171, 629.181, 629.201, 629.271, 629.301, 629.401, 629.520, 634.401, 651.018, 651.019, 651.034, 651.043, 651.071, 651.1065, 651.108, 651.114, 624.307, 627.642, 627.657, 627.66997