Bill > S1300

This bill creates a new section of Florida law to exempt certain information held by the Office of Insurance Regulation (OIR) from public disclosure, meaning it will not be accessible through public records requests. Specifically, it defines "proprietary business information" as sensitive data owned or controlled by an insurer or a potential acquirer that, if disclosed, would harm their business operations and is not readily available elsewhere. This includes trade secrets, information about competitive interests, details of mergers and acquisitions, bidding and contractual data, and internal auditing reports. The bill also makes confidential and exempt from public records requirements specific filings and reports submitted to the OIR related to an insurer's financial health and valuation, such as actuarial opinion summaries, notices of stock divestment, enterprise risk reports, and data from supervisory colleges. Furthermore, any information received by the OIR from other governmental entities (state, federal, or international) that is already confidential or exempt under their laws will also be protected. However, the OIR can still disclose this protected information under specific circumstances, such as with the insurer's consent, by court order, to professional disciplinary bodies, to other regulators and law enforcement agencies who agree to maintain confidentiality, or if the information is aggregated and anonymized for industry-wide reporting. This exemption is subject to future legislative review and repeal. The bill also includes a statement of public necessity, explaining that protecting this information is crucial for the OIR to effectively regulate insurers and acquisitions, as its public disclosure could harm businesses, give competitors an unfair advantage, and impair the OIR's ability to gather accurate financial data.