This bill aims to enhance transparency in insurance matters by amending existing statutes related to trade secrets and requiring public disclosure of certain financial arrangements. It introduces a definition of "trade secret" consistent with existing law and revises the requirements for submitting a notice of trade secret to the Office of Insurance Regulation or the Department of Financial Services. The bill specifies that certain information, including financial data used in insurance rate calculations, transactions between insurers and affiliates, and officer compensation, is not considered a trade secret and must be publicly disclosed. Additionally, the bill mandates that the office review all claims of trade secret protection and deny those that do not meet the established criteria.

Furthermore, the bill establishes a new section requiring that all fees, commissions, and profit-sharing agreements between insurers and their affiliates be filed with the office and made publicly accessible on the department's website. It also imposes administrative fines for knowingly asserting false claims of trade secret protection and allows for the suspension or revocation of licenses for such violations. The Financial Services Commission is tasked with contracting an independent third-party entity to conduct reviews of trade secret claims, ensuring accountability and oversight in the process. The act is set to take effect on July 1, 2026.