FL S0230

Redefines trade secret requirements for insurance documents submitted to the Office of Insurance Regulation, requiring sworn affidavits with specific justifications and public summaries describing the nature of protected submissions

Explicitly excludes from trade secret protection: financial data used in rate calculations, affiliate transactions and fees, officer/employee compensation, shareholder dividends, rate filing information, and information used in legislative advocacy

Requires the Office of Insurance Regulation to review all trade secret claims and issue written denials when submissions do not meet the statutory definition or fall within excluded categories

Mandates the Financial Services Commission contract with an independent third-party expert at least every two years to review trade secret claims and report recommendations to the commission and legislative leadership by February 1

Imposes administrative fines up to $25,000 per violation for knowingly asserting false trade secret claims to conceal unlawful financial practices, with potential suspension or revocation of certificates of authority or licenses

Requires all fees, commissions, and profit-sharing agreements between insurers and affiliates to be filed with the Office of Insurance Regulation and made publicly accessible on the department's website