Bill > S1262

This bill, titled "Public Records and Meetings/Insurance Flood Loss Model," aims to create an exemption from public records and public meetings requirements for trade secrets used in designing insurance flood loss models. Specifically, it clarifies that proprietary information, defined as a "trade secret" under Florida law, which is crucial for developing models that predict hurricane and flood losses, will be kept confidential. This exemption applies when such information is shared with the Florida Commission on Hurricane Loss Projection Methodology (FLLM), the Office of Insurance Regulation (OIR), or the appointed consumer advocate. The bill also states that discussions of these trade secrets during commission meetings or rate proceedings held by the OIR will be exempt from public meeting requirements, with recordings of these closed sessions also being exempt from public records disclosure. This measure is considered a public necessity to protect the economic interests of private companies that develop these complex models, ensuring they can submit their information for review without fear of competitors gaining an unfair advantage, which in turn helps ensure flood insurance rates are fair and adequate. The exemption is subject to a legislative review and is set to automatically expire on October 2, 2019, unless the Legislature actively votes to extend it.