Bill > S1222

This bill strengthens the powers of Florida's consumer advocate in property insurance rate regulation by expanding their authority to challenge insurance rate filings and conduct investigations. Specifically, the bill allows the consumer advocate to request administrative hearings to challenge rate filing approvals or disapprovals and grants them broad investigative powers, including the ability to subpoena documents, compel witness testimony, and access business records. The bill also introduces new restrictions on property insurance rate increases, prohibiting the Office of Insurance Regulation from approving rate filings that exceed 10 percent above the highest rate approved in the past 12 months, with a cumulative increase cap of 15 percent. If an insurance company or the consumer advocate requests an administrative hearing about a rate filing, the bill mandates an expedited hearing process with strict timelines for administrative and judicial review. Additionally, the bill provides legal enforcement mechanisms, such as the ability to seek court orders and potentially recover expenses if a party fails to comply with a subpoena, with non-compliance potentially being punished as contempt of court. The provisions will take effect on July 1, 2025, and are designed to provide greater consumer protection and oversight in property insurance rate setting.