House Bill 1429 amends various sections of Florida Statutes to enhance the regulatory framework for insurance providers, health maintenance organizations (HMOs), and continuing care providers. Key provisions include designating the Chief Financial Officer (CFO) as the agent for service of process for insurers withdrawing from operations, establishing new reporting requirements for insurers, and mandating the submission of rate transparency reports. The bill also introduces stricter regulations for continuing care providers, including the removal of individuals with felony convictions from management roles and the requirement for feasibility studies for new operations. Additionally, it emphasizes cybersecurity measures for consumer data and streamlines processes for insurers and management companies.

The bill removes certain provisions related to the Florida Small Employer Health Reinsurance Program and modifies the assessment structure for reinsuring carriers. It also clarifies definitions and operational requirements for reciprocal insurers, including changes to the bond amount and surplus requirements. Furthermore, the legislation enhances financial transparency by requiring detailed disclosures from continuing care providers and management companies, while establishing penalties for noncompliance. Overall, HB 1429 aims to improve consumer protection, regulatory oversight, and the financial stability of insurance and care providers in Florida, with an effective date set for July 1, 2025, for most provisions.

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