Bill Text: FL S7014 | 2021 | Regular Session | Enrolled

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Bill Title: OGSR/Office of Insurance Regulation

Spectrum: Committee Bill

Status: (Passed) 2021-06-17 - Chapter No. 2021-106 [S7014 Detail]

Download: Florida-2021-S7014-Enrolled.html

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       ENROLLED
       2021 Legislature                                         SB 7014
       
       
       
       
       
       
                                                             20217014er
    1  
    2         An act relating to a review under the Open Government
    3         Sunset Review Act; amending s. 624.4212, F.S.; adding
    4         the Office of Insurance Consumer Advocate to the list
    5         of entities to which the Office of Insurance
    6         Regulation may disclose confidential and exempt
    7         information; removing the scheduled repeal of an
    8         exemption from public records requirements for certain
    9         proprietary business information and information that
   10         is confidential and held by the Office of Insurance
   11         Regulation; providing an effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Section 624.4212, Florida Statutes, is amended
   16  to read:
   17         624.4212 Confidentiality of proprietary business and other
   18  information.—
   19         (1) As used in this section, the term “proprietary business
   20  information” means information, regardless of form or
   21  characteristics, which is owned or controlled by an insurer, or
   22  a person or an affiliated person who seeks acquisition of
   23  controlling stock in a domestic stock insurer or controlling
   24  company, and which:
   25         (a) Is intended to be and is treated by the insurer or the
   26  person as private in that the disclosure of the information
   27  would cause harm to the insurer, the person, or the company’s
   28  business operations and that the information has not been
   29  disclosed unless disclosed pursuant to a statutory requirement,
   30  an order of a court or administrative body, or a private
   31  agreement that provides that the information will not be
   32  released to the public;
   33         (b) Is not otherwise readily ascertainable or publicly
   34  available by proper means by other persons from another source
   35  in the same configuration as requested by the office; and
   36         (c) Includes:
   37         1. Trade secrets as defined in s. 688.002 which comply with
   38  s. 624.4213.
   39         2. Information relating to competitive interests, the
   40  disclosure of which would impair the competitive business of the
   41  provider of the information.
   42         3. The source, nature, and amount of the consideration used
   43  or to be used in carrying out a merger or other acquisition of
   44  control in the ordinary course of business, including the
   45  identity of the lender, if the person filing a statement
   46  regarding consideration so requests.
   47         4. Information relating to bids or other contractual data,
   48  the disclosure of which would impair the efforts of the insurer
   49  or its affiliates to contract for goods or services on favorable
   50  terms.
   51         5. Internal auditing controls and reports of internal
   52  auditors.
   53         (2) Proprietary business information contained in the
   54  following items held by the office is confidential and exempt
   55  from s. 119.07(1) and s. 24(a), Art. I of the State
   56  Constitution:
   57         (a) The actuarial opinion summary required under ss.
   58  624.424(1)(b) and 625.121(3) and information related thereto.
   59         (b) A notice filed with the office by the person or
   60  affiliated person who seeks to divest controlling stock in an
   61  insurer pursuant to s. 628.461.
   62         (c) The filings required under s. 628.801 and information
   63  related thereto.
   64         (d) The enterprise risk report required under ss.
   65  628.461(3) and 628.801 and information related thereto.
   66         (e) Information provided to or obtained by the office
   67  pursuant to participation in a supervisory college established
   68  under s. 628.805.
   69         (f) Beginning on the operative date of the valuation manual
   70  as defined in s. 625.1212(2):
   71         1. An actuarial examination conducted pursuant to s.
   72  625.1212(5)(c), and information related thereto;
   73         2. The annual certification submitted by the insurer
   74  pursuant to s. 625.1212(6)(b)2., and information related
   75  thereto;
   76         3. The principle-based valuation report filed pursuant to
   77  s. 625.1212(6)(b)3., and information related thereto; and
   78         4. Mortality, morbidity, policyholder behavior, or expense
   79  experience and other data submitted pursuant to s. 625.1212(7),
   80  which includes potentially company identifiable or personally
   81  identifiable information.
   82         (3) Except for information obtained by the office which
   83  would otherwise be available for public inspection, the
   84  following information held by the office is confidential and
   85  exempt from s. 119.07(1) and s. 24(a), Art. I of the State
   86  Constitution:
   87         (a) An ORSA summary report, a substantially similar ORSA
   88  report, and supporting documents submitted pursuant to s.
   89  628.8015.
   90         (b) A corporate governance annual disclosure and supporting
   91  documents submitted pursuant to s. 628.8015.
   92         (4) Information received from the NAIC, a governmental
   93  entity in this or another state, the Federal Government, or a
   94  government of another nation which is confidential or exempt if
   95  held by that entity and which is held by the office for use in
   96  the performance of its duties relating to insurer valuation and
   97  solvency is confidential and exempt from s. 119.07(1) and s.
   98  24(a), Art. I of the State Constitution.
   99         (5) The office may disclose information made confidential
  100  and exempt under this section:
  101         (a) If the insurer to which it pertains gives prior written
  102  consent;
  103         (b) Pursuant to a court order;
  104         (c) To the Actuarial Board for Counseling and Discipline
  105  upon a request stating that the information is for the purpose
  106  of professional disciplinary proceedings and specifying
  107  procedures satisfactory to the office for preserving the
  108  confidentiality of the information;
  109         (d) To other states, federal and international agencies,
  110  the Office of Insurance Consumer Advocate, the National
  111  Association of Insurance Commissioners and its affiliates and
  112  subsidiaries, and state, federal, and international law
  113  enforcement authorities, including members of a supervisory
  114  college described in s. 628.805 if the recipient agrees in
  115  writing to maintain the confidential and exempt status of the
  116  document, material, or other information and has certified in
  117  writing its legal authority to maintain such confidentiality; or
  118         (e) For the purpose of aggregating information on an
  119  industrywide basis and disclosing the information to the public
  120  only if the specific identities of the insurers, or persons or
  121  affiliated persons, are not revealed.
  122         (6) This section is subject to the Open Government Sunset
  123  Review Act in accordance with s. 119.15 and is repealed on
  124  October 2, 2021, unless reviewed and saved from repeal through
  125  reenactment by the Legislature.
  126         Section 2. This act shall take effect October 1, 2021.