Bill > S0230

This bill enhances transparency in the insurance industry by establishing new requirements for trade secret claims and financial disclosures. It defines a "trade secret" according to existing state law and requires detailed documentation when companies claim trade secret protection for submitted information. The bill specifically identifies several categories of information that cannot be considered trade secrets, including financial data used in rate calculations, transactions between insurers and affiliates, employee compensation, dividends, rate filings, and information related to proposed legislation. The Office of Insurance Regulation must review all trade secret claims and deny those that do not meet legal standards, with the requirement to issue a written notice of denial. The bill mandates that the Financial Services Commission contract with an independent third-party entity every two years to review trade secret claims and report findings to legislative leadership. Companies that knowingly make false trade secret claims can face administrative fines up to $25,000 and potential suspension or revocation of their insurance license. Additionally, the bill requires all fees, commissions, and profit-sharing agreements between insurers and their affiliates to be filed with the office and made publicly accessible on the department's website, with the provisions set to take effect on July 1, 2026.

https://www.flsenate.gov/Session/Bill/2026/230