House Bill 1429 amends various sections of Florida Statutes to enhance the regulatory framework for insurance providers, particularly focusing on the roles of the Chief Financial Officer (CFO) and the Office of Insurance Regulation. The bill designates the CFO as the agent for service of process for health maintenance organizations and insurers withdrawing from operations until their liabilities are settled. It also revises the definition of "life and health insurer," updates rate filing requirements, and mandates insurers to provide rate transparency reports to consumers. Additionally, the bill introduces new cybersecurity rules for insurance data and establishes a database for property insurers to file policyholder forms. Key deletions include the removal of certain provisions regarding reinsurance credits and the requirement for domestic insurers to file articles of incorporation in triplicate.

Furthermore, the bill enhances consumer protections by requiring agents recommending annuities to act in the best interest of consumers and disclose their compensation structures. It also modifies the operational structure for continuing care providers, including new financial oversight requirements and the ability to deny or revoke licenses based on financial standing or criminal history. The bill aims to streamline insurance regulations, improve transparency, and enhance consumer protections within the Florida insurance market, with certain provisions set to take effect on July 1, 2025. Overall, HB 1429 seeks to modernize insurance practices in Florida while ensuring accountability and financial stability for providers and better protection for consumers.

Statutes affected:
H 1429 Filed: 48.151, 252.63, 624.4085, 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, 629.301, 634.401, 651.018, 651.019, 651.034, 651.043, 651.055, 651.071, 651.1065, 651.108, 651.114, 627.642, 627.657, 627.66997