The bill establishes a new section, 624.28, in the Florida Statutes, which creates a privilege for documents, materials, and information obtained by the Commissioner of Insurance Regulation and the National Association of Insurance Commissioners during examinations or analyses. This privilege ensures that such information is not subject to subpoena, discovery, or admissible in private civil actions. Additionally, the bill prohibits the commissioner and associated individuals from testifying about these privileged materials in private civil actions. The commissioner is authorized to share this information with other regulatory agencies and law enforcement, provided that the recipient agrees to maintain its privileged status.

Furthermore, the bill amends section 624.4212 to exempt certain proprietary business information and biographical materials provided to the Office of Insurance Regulation from public records requirements. This includes information related to group capital calculations and liquidity stress tests, as well as biographical statements and affidavits. Both exemptions are subject to future legislative review and repeal, with a sunset provision set for October 2, 2031. The bill emphasizes the public necessity of maintaining the confidentiality of this information to protect sensitive business data and ensure effective regulation of the insurance industry.

Statutes affected:
H 1265 Filed: 624.4212