This bill amends sections of Florida Statutes related to rate filings for property insurers, specifically enhancing the powers of the consumer advocate and establishing new regulations for rate approvals. It introduces new provisions that allow the consumer advocate to request administrative hearings to challenge rate filings and to administer oaths, issue subpoenas, and compel testimony and evidence during investigations. Additionally, the bill stipulates that failure to comply with court orders related to these subpoenas may result in contempt charges, and the court may require the non-compliant party to cover the consumer advocate's reasonable expenses.

Furthermore, the bill prohibits the Office of Insurance Regulation from approving property insurance rate filings that exceed a 10 percent increase over the highest rate approved in the past 12 months, with a cumulative cap of 15 percent for multiple filings within that period. It also mandates that any administrative hearings requested by the consumer advocate or insurers be expedited, with specific timelines for hearings and final orders. The effective date for these changes is set for July 1, 2026.