CS/HB 7065 - Insurer Accountability Summary

• Expands insurer compliance reporting by requiring the Office of Insurance Regulation to create and publish annual and quarterly enforcement reports detailing actions against insurers, violations found, and penalties imposed.

• Establishes risk-based examination methodologies for scheduling insurer financial and market conduct examinations, prioritizing high-risk insurers and those with specific compliance concerns.

• Increases administrative penalties for insurer violations, with higher fines for violations related to emergencies/hurricanes and stricter requirements on bonus payments to officers of insolvent insurers.

• Creates new requirements for residential property insurers including claims-handling manuals, notice of temporary suspension of writing new policies, and restrictions on policy cancellation/nonrenewal following hurricane damage.

• Requires rate filings to reflect projected savings from recent insurance reform laws and authorizes development of methodology to ensure rates are not excessive, inadequate, or unfairly discriminatory.