Bill > S0582

This bill requires the Florida Office of Insurance Regulation (OIR) to create and publish two detailed annual reports aimed at increasing transparency in the insurance industry. The first report must list related entities for each insurer, licensee, or registrant, including subsidiaries, management companies, and entities with shared ownership or leadership, and detail their financial relationships. The second report must comprehensively document executive officer compensation, including salaries, benefits, stock options, bonuses, and other payments, expressed both in dollar amounts and as a percentage of total revenue, and highlight any compensation exceeding industry averages. The bill mandates that these reports be published on the OIR's website and submitted to key legislative bodies by January 31 each year. The legislation also requires the OIR to use reliable methodologies and software to create these reports and specifies that the data collected is not considered a trade secret, allowing its use for market analysis, financial assessments, and compliance reviews. Additionally, the bill amends rate-setting guidelines to require the OIR to consider these new compensation reports when determining whether insurance rates are excessive, inadequate, or unfairly discriminatory. The bill reflects the state's interest in understanding the financial dynamics of the insurance market and its potential impact on Florida residents, with an effective date of July 1, 2026.

https://www.flsenate.gov/Session/Bill/2026/582