FL S1422

Requires insurers to maintain a risk management framework and conduct an own-risk and solvency assessment (ORSA) at least annually, with domestic insurers and those in insurance groups where Florida is the lead state submitting ORSA summary reports to the Office of Insurance Regulation starting December 31, 2017.

Exempts insurers with less than $500 million in annual direct written and unaffiliated assumed premium, and insurance groups with less than $1 billion in such premium, from ORSA requirements unless the office determines otherwise based on unique circumstances or financial condition.

Requires insurers and insurance groups where Florida is the lead state to submit a corporate governance annual disclosure to the Office of Insurance Regulation by June 1 annually, with the initial disclosure due by December 31, 2018, describing governance framework, board policies, senior management direction, and oversight of critical risk areas.

Makes ORSA summary reports and corporate governance annual disclosures privileged and confidential, prohibiting their use in private civil actions or subpoenas, though the office may use them for regulatory or legal actions against insurers.

Authorizes the office to retain third-party consultants at the insurer's expense to review these filings, provided consultants agree to confidentiality and conflict-of-interest standards, with the law set to expire October 2, 2021 unless the Legislature reenacts related amendments.