House Bill 1429 amends various sections of Florida Statutes to enhance the regulatory framework for insurance providers, health maintenance organizations (HMOs), and continuing care retirement communities. The bill designates the Chief Financial Officer (CFO) as the agent for service of process for health maintenance organizations and insurers withdrawing from operations, while also introducing new requirements for insurers, such as submitting rate transparency reports and adhering to cybersecurity rules. It removes certain provisions related to reinsurance credits and triplicate filings for domestic insurers, aiming to streamline processes and improve transparency in the insurance market. Additionally, the bill establishes new reporting requirements for residential property insurers and reciprocal insurers, enhancing regulatory oversight and ensuring financial stability.

The legislation also focuses on the operations of continuing care retirement communities, introducing provisions that prioritize residents' claims in the event of liquidation and requiring quarterly meetings with residents. It mandates that management companies submit comprehensive documentation for certification and imposes penalties for noncompliance. The bill clarifies the conditions under which providers may be deemed insolvent and outlines the necessary corrective actions. Overall, HB 1429 seeks to strengthen consumer protection, improve financial accountability, and enhance the operational integrity of insurance and care facilities in Florida, with certain provisions set to take effect on July 1, 2025.

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