SB 1024 — Transparency in Recoveries Act (Florida, 2024)

• Officially cited as the "Transparency in Recoveries Act," with an effective date of July 1, 2024

• Requires the Office of Insurance Regulation to consider funds recovered by insurers through judgments, settlements, attorney fees, and fraud-related repayments when reviewing motor vehicle insurance rates for excessiveness, inadequacy, or unfair discrimination

• Requires insurers that obtain repayment or refunds of claims paid under PIP (s. 627.736) — resulting from violations of fraud, patient brokering, deceptive trade practices, or related statutes — to report the total amount of funds received, including attorney fees and costs, to the Department of Financial Services

• Clarifies that an insured's payment of a deductible or copayment is not a condition of an insurer's obligation to pay a claim

• Maintains that service providers (other than hospitals) who routinely waive deductibles or copayments while billing usual and customary charges commit insurance fraud, but allows providers to defer collection of deductibles or copayments as part of a bodily injury settlement or verdict