Bill > H7159

This bill expands an existing exemption from public records and public meetings requirements to include trade secrets used in designing and constructing insurance flood loss models, in addition to hurricane loss models. This means that proprietary information about how these flood loss models are created, when held by the Florida Commission on Hurricane Loss Projection Methodology, the Office of Insurance Regulation (OIR), or an appointed consumer advocate, will not be accessible to the public or discussed in open meetings. The bill defines "trade secret" according to Florida law and states that this exemption is necessary to protect the economic interests of private companies that develop these models and to ensure that flood insurance rates remain fair and adequate without competitors gaining an unfair advantage. The exemption is subject to future legislative review and will automatically be repealed on October 2, 2019, unless the Legislature reenacts it. The bill also includes a statement of public necessity explaining why protecting these trade secrets is important for both businesses and consumers, and its effectiveness is contingent on similar legislation also becoming law during the same legislative session.