Senate Bill No. 68, known as the Homeowners' Insurance Transparency Act, aims to enhance transparency in the homeowners' insurance sector by requiring insurance companies to disclose financial information related to their affiliated entities. The bill mandates that homeowners' insurance companies submit an annual report to the Department of Insurance, detailing profits or losses from affiliated entities, fees and commissions paid, services rendered, and any financial interests that could affect policyholder rates. The disclosures must be made publicly available on the department's website, ensuring that homeowners have access to this critical information.

To enforce compliance, the bill establishes penalties for homeowners' insurance companies that fail to submit the required disclosures on time, including potential suspension of their ability to issue new policies and fines that escalate with repeated offenses. Additionally, the commissioner of insurance is empowered to create necessary regulations to implement the provisions of the Act. The law is set to take effect on January 1, 2026, and includes definitions for key terms such as "affiliated entity," "commissioner," "department," and "homeowners' insurance company."