CS/CS/HB 1273 Summary

• Creates section 624.4212, Florida Statutes, exempting proprietary business information and confidential information from other entities held by the Office of Insurance Regulation from public records requirements.

• Defines "proprietary business information" as information owned by insurers or acquiring parties that is treated as private, not readily ascertainable, and includes trade secrets, competitive information, merger consideration details, contractual bids, and internal audit reports.

• Makes confidential specific documents held by the Office of Insurance Regulation including actuarial opinions, enterprise risk reports, supervisory college information, and principle-based valuation reports related to insurer solvency.

• Permits disclosure of confidential information only with insurer consent, court order, to the American Academy of Actuaries for disciplinary proceedings, to other regulators with written confidentiality agreements, or for aggregated industrywide data without identifying specific insurers.

• Establishes sunset provision requiring legislative review and reenactment by October 2, 2019, to prevent automatic repeal; takes effect October 1, 2014, contingent upon passage of HB 1271 or similar legislation.