Florida SB 1664: Medical Billing

Bill Text

1664 
Property Insurer Financial Strength Ratings 
2026-01-09T09:30:01Z 
Requiring certain annual insurance reports prepared by the Office of Insurance Regulation for the Legislature and the Governor to include the financial strength ratings of property insurers against which delinquency and similar proceedings were instituted; requiring the office to maintain and make available upon request information relating to financial strength ratings of property insurers, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 Florida Senate - 2026 SB 1664 

 By Senator Sharief 

 35-00303A-26 20261664__ 
 1 A bill to be entitled 
 2 An act relating to property insurer financial strength 
 3 ratings; amending s. 624.315, F.S.; providing 
 4 definitions; requiring certain annual insurance 
 5 reports prepared by the Office of Insurance Regulation 
 6 for the Legislature and the Governor to include the 
 7 financial strength ratings of property insurers 
 8 against which delinquency and similar proceedings were 
 9 instituted; requiring the office to maintain and make 
 10 available upon request information relating to 
 11 financial strength ratings of property insurers; 
 12 providing an effective date. 
 13 
 14 Be It Enacted by the Legislature of the State of Florida: 
 15 
 16 Section 1. Present subsections (1) through (5) of section 
 17 624.315, Florida Statutes, are redesignated as subsections (2) 
 18 through (6), respectively, a new subsection (1) is added to that 
 19 section, paragraph (p) is added to present subsection (2) of 
 20 that section, and paragraph (c) of present subsection (1) and 
 21 present subsection (5) of that section are amended, to read: 
 22 624.315 Annual reports; quarterly reports.— 
 23 (1) As used in this section, the term: 
 24 (a) “Financial strength rating” means an objective 
 25 evaluation of the assets, liabilities, net worth, financial 
 26 health, performance, and risk of a property insurer as 
 27 determined by an independent rating agency. 
 28 (b) “Independent rating agency” means an entity that meets 
 29 all of the following requirements: 
 30 1. Issues unbiased and objective financial strength ratings 
 31 of insurers without the consent of the insurer. 
 32 2. Is not paid for ratings by the rated insurers, directly 
 33 or indirectly, whether in cash or other forms of payment. 
 34 3. Does not permit any rated insurer to influence the 
 35 ratings of that insurer. 
 36 4. Is independent and free from outside control or 
 37 influence and can issue ratings objectively, without fear of 
 38 reprisals or loss of business. 
 39 5. May begin, suspend, or end rating an insurer at its 
 40 discretion. 
 41 6. Is not owned or controlled, in whole or in part, by any 
 42 insurer and does not enter into or maintain any potentially 
 43 related business relationships with rated insurers. 
 44 (2)(1) As early as reasonably possible, the office, with 
 45 such assistance from the department as requested, shall annually 
 46 prepare a report to the Speaker and Minority Leader of the House 
 47 of Representatives, the President and Minority Leader of the 
 48 Senate, the chairs of the legislative committees with 
 49 jurisdiction over matters of insurance, and the Governor 
 50 showing, with respect to the preceding calendar year: 
 51 (c) Names of insurers against which delinquency or similar 
 52 proceedings were instituted. For property insurers for which the 
 53 delinquency or similar proceedings were instituted, the annual 
 54 report must also include the date that each insurer was deemed 
 55 impaired of capital or surplus, as the terms impairment of 
 56 capital and impairment of surplus are defined in s. 631.011, or 
 57 insolvent, as the term insolvency is defined in s. 631.011; the 
 58 financial strength ratings of the insurer issued by an 
 59 independent rating agency for each of the previous 8 fiscal 
 60 quarters before the delinquency or similar proceedings; a 
 61 concise statement of the circumstances that led to each 
 62 insurer’s delinquency; a summary of the actions taken by the 
 63 insurer and the office to avoid delinquency; and the results or 
 64 status of each such proceeding. 
 65 (3)(2) The office shall maintain the following information 
 66 and make such information available upon request: 
 67 (p) The financial strength rating issued to each property 
 68 insurer by an independent rating agency each calendar quarter 
 69 during the reporting period, including the changes in ratings 
 70 from quarter to quarter, the number of downgrades in ratings 
 71 which occurred during the reporting period, the number of 
 72 downgraded companies that were subsequently upgraded during the 
 73 reporting period, and the number of downgraded companies that 
 74 were subject to delinquency or similar proceedings. 
 75 (6)(5) When aggregate information includes information 
 76 asserted as trade secret information, the office may inclu