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FL S1724
Bill
AI Summary
- Defines "financial strength rating" as an objective evaluation of a property insurer's assets, liabilities, net worth, financial health, performance, and risk as determined by an independent ratings agency
- Establishes strict criteria for an "independent ratings agency," requiring it to issue unbiased ratings without insurer consent or payment, be free from insurer ownership or control, and operate without outside influence
- Requires the Office of Insurance Regulation's annual report to legislative leaders and the Governor to include financial strength ratings for the previous 8 fiscal quarters for any property insurer that entered delinquency or similar proceedings
- Directs the Office of Insurance Regulation to maintain and make available upon request quarterly financial strength ratings for all property insurers in Florida, including tracking of rating upgrades, downgrades, and whether downgraded companies were subject to delinquency proceedings
- Effective date of July 1, 2024
Legislative Description
Financial Strength of Property Insurers
Last Action
Died in Banking and Insurance
3/8/2024
Full Bill Text
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