House Bill 1429 proposes comprehensive amendments to Florida's insurance regulations, focusing on enhancing transparency, consumer protection, and regulatory oversight across various sectors, including health maintenance organizations (HMOs) and continuing care providers. Key provisions include the designation of the Chief Financial Officer (CFO) as the agent for service of process for health maintenance organizations, the introduction of cybersecurity rules, and the requirement for insurers to submit rate transparency reports when filing for rate changes. The bill also streamlines existing processes by removing outdated provisions, such as the requirement for triplicate filings of articles of incorporation, and establishes new reporting obligations for insurers regarding claims data and mitigation verification.

Additionally, the bill enhances the regulatory framework for continuing care retirement communities by prioritizing residents' claims in the event of a provider's liquidation and mandating transparency in financial reporting. It introduces stricter guidelines for escrow accounts, increases the time frame for residents to rescind contracts, and establishes new requirements for management companies operating within these communities. Overall, HB 1429 aims to improve the financial stability and accountability of insurance entities and care providers in Florida, ensuring better protection for consumers and residents.

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