The bill amends various sections of the Florida Statutes to enhance regulatory oversight and consumer protection in the insurance sector, particularly focusing on health maintenance organizations (HMOs) and management companies in continuing care retirement communities. Key provisions include designating the Chief Financial Officer as the agent for service of process for HMOs, requiring the Commissioner of Insurance Regulation to publish notices in the Florida Administrative Register, and mandating insurers to submit rate transparency reports for residential property coverage. The bill also streamlines the filing process for personal residential property insurers, allowing only one use and file filing per policy period, and emphasizes the importance of cybersecurity for consumer data.

Additionally, the bill introduces new regulations for management companies, requiring them to obtain a certificate of authority to operate and mandating financial reporting to ensure transparency. It establishes penalties for non-compliance and outlines the conditions under which a management company's authority may be denied or revoked. The legislation also addresses financial stability for providers, requiring corrective plans for those deemed insolvent and establishing liens to secure obligations to residents. Overall, the bill aims to improve transparency, accountability, and consumer protection within Florida's insurance and continuing care sectors.

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