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FL S0792
Bill
Status
Failed
6/16/2025
Primary Sponsor
Jennifer Bradley
Click for details
AI Summary
- Defines "financial strength rating" as an objective evaluation of a property insurer's assets, liabilities, net worth, financial health, performance, and risk by an independent rating agency
- Requires independent rating agencies to issue unsolicited ratings, accept no payment from rated insurers, and remain free from insurer ownership, control, or influence
- Mandates that the Office of Insurance Regulation's annual report to the Legislature and Governor include the financial strength ratings of property insurers for each of the 8 fiscal quarters preceding any delinquency or similar proceedings
- Requires the Office of Insurance Regulation to maintain and make available upon request quarterly financial strength ratings for each property insurer, including quarter-to-quarter changes, number of downgrades, subsequent upgrades, and how many downgraded companies faced delinquency proceedings
- Effective date is July 1, 2025
Legislative Description
Property Insurer Financial Strength Ratings
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available