This bill amends Florida Statutes to enhance the reporting requirements of the Office of Insurance Regulation (OIR) regarding insurers, licensees, registrants, and their related entities. It mandates the OIR to create annual reports that include detailed information about the financial relationships among these entities, as well as the compensation of their executive officers. The reports must be published on the OIR's website and submitted to key legislative figures and committees by January 31 each year. Additionally, the bill specifies that certain data provided by insurers will not be considered trade secrets, thus allowing the OIR to use this information for market analysis and compliance reviews. Insurers are prohibited from withholding data on the grounds of business sensitivity or trade secrets.

Furthermore, the bill revises the criteria the OIR must consider when determining whether an insurance rate is excessive, inadequate, or unfairly discriminatory. It replaces the phrase "if a rate is excessive" with "whether a rate is excessive" and adds that the OIR must consider any report created under the new reporting requirements when making its determinations. The act is set to take effect on July 1, 2026.

Statutes affected:
S 582 Filed: 627.062