Required Reports of the Office of Insurance Regulation

Florida Senate
-
2026

SB 582

By
Senator Gaetz

1-00980-26 2026582__
1 A bill to be entitled
2 An act relating to required reports of the Office of
3 Insurance Regulation; amending s. 624.315, F.S.;
4 providing legislative findings; requiring the office
5 to create specified reports on insurers, licensees,
6 registrants, and their related entities, including the
7 compensation of their executive officers; specifying
8 requirements for such reports; requiring the office to
9 publish the reports annually on its website and submit
10 the reports annually to specified entities; requiring
11 the office to use a reliable and up-to-date
12 methodology and software to create specified reports
13 and review such methodology and software for accuracy;
14 specifying that certain data are not considered trade
15 secrets and may be used for certain purposes;
16 prohibiting insurers from withholding certain data
17 from the office on certain grounds; amending s.
18 627.062, F.S.; revising the facts the office must
19 consider in determining whether a rate is excessive,
20 inadequate, or unfairly discriminatory; providing an
21 effective date.
22
23 Be It Enacted by the Legislature of the State of Florida:
24
25 Section 1. Present paragraph (c) of subsection (4) of
26 section 624.315, Florida Statutes, is redesignated as paragraph
27 (d), and a new paragraph (c) is added to that subsection, to
28 read:
29 624.315 Annual reports; quarterly reports.—
30 (4)
31
(c)1. The Legislature finds that the state has a strong and

32
legitimate financial interest in the health and performance of

33
the property and casualty insurance market. Further, the costs

34
of property insurance may have a strong impact on the

35
performance of Florida’s housing market, to the benefit or

36
detriment of Florida residents. Therefore, it is in the interest

37
of Floridians that the office collect and analyze data regarding

38
market conduct and performance.

39
2.

The office shall create a report that, for each insurer,

40
licensee, or registrant, provides a list of related entities,

41
including, but not limited to, subsidiaries, management

42
companies, captive vendors, and reinsurers which share common

43
executive officers, directors, or offices or at least 10 percent

44
common ownership with the insurer, licensee, or registrant. The

45
report must also detail the financial relationship between the

46
entities. The office shall publish the report on its website and

47
submit it to the commission, the President of the Senate, the

48
Speaker of the House of Representatives, and the legislative

49
committees with jurisdiction over matters of insurance on or

50
before January 31 of each year.

51
3.

The office shall create a report detailing the

52
compensation of executive officers for each insurer, licensee,

53
or registrant, including, but not limited to, salaries,

54
benefits, stock options, bonuses, stock buybacks, and other

55
taxable payments, expressed both as dollar amounts and as a

56
percentage of the entity’s total revenue. The report must

57
include the profits and losses of each entity as reported in its

58
financial statements and highlight any compensation exceeding

59
the industry average. The office shall also include in the

60
report any rationale provided by the insurer justifying

61
compensation exceeding the industry average. The office shall

62
publish the report on its website and submit it to the

63
commission, the President of the Senate, the Speaker of the

64
House of Representatives, and the legislative committees with

65
jurisdiction over matters of insurance on or before January 31

66
of each year.

67
4.

To create the reports required under subparagraphs 2.

68
and 3., the office shall use a reliable and up-to-date

69
methodology and software and shall routinely review such

70
methodology and software for accuracy.

71
5.

Any data provided by insurers to the office under this

72
paragraph
are
not considered trade secret
s
under s. 812.081, and

73
the office may use such data for market analysis, financial

74
assessments, rate-setting, and compliance reviews. Insurers may

75
not withhold any financial
or
other data requested by the office

76
under this paragraph as being business sensitive or trade

77
secret
s
.

78 Section 2. Paragraph (b) of subsection (2) of section
79 627.062, Florida Statutes, is amended to read:
80 627.062 Rate standards.—
81 (2) As to all such classes of insurance:
82 (b) Upon receiving a rate filing, the office shall review
83 the filing to determine
whether

if
a rate is excessive,
84 inadequate, or unfairly discriminatory. In making that
85 determination, the office shall, in accordance with generally
86 accepted and reasonable actuarial techniques, consider the
87 following factors:
88 1. Past and prospective loss experience within and without
89 this state.
90 2. Past and prospective expenses.
91 3. The degree of competition among insurers for the risk
92 insured.
93 4. Investment income reasonably expected by the insurer,
94 consistent with the insurer’s investment practices, from
95 investable premiums anticipated in the filing, plus any other
96 expected income from currently invested assets representing the
97 amount expected on unearned premium reserves and loss reserves.
98 The commission may adopt rules using reasonable techniques of
99 actuarial science and economics to specify the manner in which
100 insurers calculate investment income attributable to classes of
101 insurance written in this state and the manner in which
102 investment income is used to calculate insurance rates. Such
103 manner must contemplate allowances for an underwriting profit
104 factor and full consideration of investment income that produces
105 a reasonable rate of return; however, investment income from
106 invested surplus may not be considered.
107 5. The reasonableness of the judgment reflected in the
108 filing.
109 6. Dividends, savings, or unabsorbed premium deposits
110 allowed or returned to policyholders, members, or subscribers in
111 this state.
112 7. The adequacy of loss reserves.
113 8. The cost of reinsurance. The office may not disapprove a
114 rate as excessive solely due to the insurer having obtained
115 catastrophic reinsurance to cover the insurer’s estimated 250
116 year probable maximum loss or any lower level of loss.
117 9. Trend factors, including trends in actual losses per
118 insured unit for the insurer making the filing.
119 10. Conflagration and catastrophe hazards, if applicable.
120 11. Projected hurricane losses, if applicable, which must
121 be estimated using a model or method found to be acceptable or
122 reliable by the Florida Commission on Hurricane Loss Projection
123 Methodology, and as further provided in s. 627.0628.
124 12. Projected flood losses for personal residential
125 property insurance, if applicable, which may be estimated using
126 a model or method, or a straight average of model results or
127 output ranges, independently found to be acceptable or reliable
128 by the Florida Commission on Hurricane Loss Projection
129 Methodology and as further provided in s. 627.0628.
130 13. A reasonable margin for underwriting profit and
131 contingencies.
132 14. The cost of medical services, if applicable.
133 15.
Any report created by the
office

pursuant to
s.

134
624.315(4)
(c)3
.

135
1
6
.
Other relevant factors that affect the frequency or
136 severity of claims or expenses.
137
138 The provisions of this subsection do not apply to workers’
139 compensation, employer’s liability insurance, and motor vehicle
140 insurance.
141 Section 3. This act shall take effect July 1, 2026.