Florida SB 832: Funds for the Education of Inmates

Bill Text

832 
Residential Property Insurance 
2025-12-09T10:55:43Z 
Requiring that certain rate filings with the Office of Insurance Regulation from residential property insurers include rate transparency reports; requiring the office to establish and maintain a comprehensive resource center on its website; specifying that certain information is not a trade secret and is not subject to certain public records exemptions; prohibiting an insurer from including the value of certain land when establishing a coverage amount or adjusting certain claims, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 832 

 By Senator Avila 

 39-00139B-26 2026832__ 
 1 A bill to be entitled 
 2 An act relating to residential property insurance; 
 3 amending s. 627.0621, F.S.; requiring that certain 
 4 rate filings with the Office of Insurance Regulation 
 5 from residential property insurers include rate 
 6 transparency reports; providing for the office to 
 7 accept such reports or to request the insurer make 
 8 modifications; providing construction; providing 
 9 requirements for such reports; requiring insurers to 
 10 provide such reports to consumers; requiring that the 
 11 report indicate that it is preliminary and subject to 
 12 modification by the insurer at the direction of the 
 13 office under certain circumstances; requiring the 
 14 office to define terms used in such reports; requiring 
 15 the office to establish and maintain a comprehensive 
 16 resource center on its website; providing requirements 
 17 for the resource center; specifying that certain 
 18 information is not a trade secret and is not subject 
 19 to certain public records exemptions; amending s. 
 20 627.7011, F.S.; prohibiting an insurer from including 
 21 the value of certain land when establishing a coverage 
 22 amount or adjusting certain claims; providing 
 23 construction; amending s. 627.7142, F.S.; conforming a 
 24 cross-reference; providing an effective date. 
 25 
 26 Be It Enacted by the Legislature of the State of Florida: 
 27 
 28 Section 1. Present subsection (2) of section 627.0621, 
 29 Florida Statutes, is redesignated as subsection (3) and amended, 
 30 and a new subsection (2) is added to that section, to read: 
 31 627.0621 Transparency in rate regulation.— 
 32 (2) RATE TRANSPARENCY REPORT.— 
 33 (a) Beginning October 1, 2026, every rate filing requesting 
 34 a rate change for residential property coverage from a property 
 35 insurer must include a rate transparency report for acceptance 
 36 or, if necessary, modification by the insurer as directed by the 
 37 office. The office may accept the rate transparency report for 
 38 filing; or, if the office finds that the report fails to provide 
 39 the required information in concise, plain language that aids 
 40 consumers in their understanding of insurance or that the report 
 41 is misleading, the office must return the report to the insurer 
 42 with specific directions for modification. The office’s 
 43 acceptance of the report for use or direction for modification 
 44 may not be deemed an approval pursuant to s. 627.062. The report 
 45 must be compiled in a uniform format prescribed by the 
 46 commission and must include a graphical representation 
 47 identifying a percentage breakdown of rating factors anticipated 
 48 by the company, book, or program affected by the filing. 
 49 (b) Along with an offer of coverage and upon renewal, an 
 50 insurer shall provide the corresponding copy of the rate 
 51 transparency report for the consumers’ offered rate to aid 
 52 consumers in their understanding of insurance. If the report has 
 53 not been accepted for use or modified in accordance with the 
 54 office’s direction, the report must indicate that it is 
 55 preliminary and subject to modification by the insurer at the 
 56 direction of the office. 
 57 (c) The rate transparency report must include the following 
 58 categories of the book or program at the cumulative level: 
 59 1. The percentage of the total rate factor associated with 
 60 the cost of reinsurance. 
 61 2. The percentage of the total rate factor associated with 
 62 the cost of claims. 
 63 3. The percentage of the total rate factor associated with 
 64 the defense containment and costs. 
 65 4. The percentage of the total rate factor associated with 
 66 fees and commissions. 
 67 5. The percentage of the rate factor associated with profit 
 68 and contingency of the insurer. 
 69 6. Any other categories deemed necessary by the office or 
 70 commission. 
 71 
 72 An estimated percentage of the influence of each listed factor 
 73 provided must equal 100 percent. 
 74 (d) The insurer shall provide the rate transparency report 
 75 to the office upon the filing of a rate change with the office. 
 76 (e) In addition to the categories required in paragraph 
 77 (c), the rate transparency report must also include the 
 78 following infor