FL S1488

Increases the minimum examination frequency for property insurers by the Office of Insurance Regulation, requiring high-risk property insurers to be examined at least annually (up from every 3 years) and average- and low-risk property insurers at least every 3 years (up from every 5 years)

Expands the scope of property insurer examinations to include the insurer's holding company, affiliates, executive compensations, ownership dividends, vendor contracts, and contractual agreements involving officers, directors, managing general agents, and controlling persons

Requires the Office of Insurance Regulation to order property insurers—rather than merely authorizing it—to file claims-handling practices and procedures when a market conduct examination reveals a pattern of willful unfair trade practice violations harming policyholders

Changes post-hurricane market conduct examinations from discretionary ("may") to mandatory ("must") for residential property insurers in the top 20% by ratio of hurricane-related claims filed to policies in force, and expands the scope of such examinations to include officers, directors, and controlling persons

Requires the Office of Insurance Regulation to make publicly available examination data, market conduct examination findings, policyholder complaint details, investigation reports, and work papers related to property insurers, with the act taking effect July 1, 2024