This 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 the financial health of insurers. The bill mandates that annual reports prepared by the Office of Insurance Regulation for the Legislature and the Governor must now include the financial strength ratings of property insurers that have faced delinquency or similar proceedings, as well as the circumstances leading to such actions.

Additionally, the Office of Insurance Regulation is required to maintain and provide information on the financial strength ratings of property insurers, including quarterly updates on rating changes and the number of downgrades. The bill also redesignates existing subsections and makes specific amendments to ensure clarity and compliance with the new requirements. The effective date for this act is set for July 1, 2026.