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 defines the term "trade secret" in alignment 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 Office is mandated to review all claims of trade secret protection and issue written denials when claims 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 introduces administrative fines for individuals who falsely assert trade secret claims to conceal unlawful financial practices, with penalties including potential suspension or revocation of licenses. The bill is set to take effect on July 1, 2026.