This bill amends section 624.424 of the Florida Statutes to require certain insurers to annually provide detailed financial information to the Office of Insurance Regulation, including a description and cost analysis of services provided by affiliates, a benchmarking study of fees, and total amounts of affiliate financial considerations. It also mandates that insurers post this information on their websites and clarifies that such disclosures are not considered trade secrets. Additionally, the bill defines the term "managing general agent" and requires insurers to report similar information regarding transactions with these agents.

Furthermore, the bill creates a new section, 624.4244, which prohibits insurers from engaging in transactions with affiliates that misrepresent their financial condition, including the forgiveness of fees or circular transactions. It also restricts insurers from declaring dividends or issuing executive bonuses if they are in a hazardous financial condition or if their financial statements indicate significant impacts from high affiliate fees. The act is set to take effect on July 1, 2026.

Statutes affected:
S 234 Filed: 624.424