The bill amends section 624.315 of the Florida Statutes to enhance the reporting requirements related to the financial strength ratings of property insurers. It introduces new definitions, including "financial strength rating" and "independent rating agency," which establish criteria for evaluating insurers' financial health by independent entities. The Office of Insurance Regulation is mandated to include the financial strength ratings of property insurers in their annual reports to the Legislature and the Governor, specifically for those insurers against which delinquency or similar proceedings have been initiated. Additionally, the office is required to maintain and provide access to information regarding these ratings upon request.

Furthermore, the bill specifies that the annual report must detail the financial strength ratings for each insurer for the eight fiscal quarters preceding any delinquency proceedings, along with a summary of the circumstances leading to the insurer's financial issues. It also requires the office to track and report changes in ratings, including downgrades and subsequent upgrades, during the reporting period. The act is set to take effect on July 1, 2026.