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House Bill 1941




    Florida House of Representatives - 1997                HB 1941

        By Representatives Mackenzie and Bainter






  1                      A bill to be entitled

  2         An act relating to confidentiality of

  3         risk-based capital information; providing

  4         legislative intent; providing a declaration of

  5         public purpose; providing confidentiality and a

  6         public meetings and records exemption for

  7         certain information relating to risk-based

  8         capital; providing for termination of the

  9         exemption; providing for legislative review and

10         future repeal; providing an effective date.

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12  Be It Enacted by the Legislature of the State of Florida:

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14         Section 1.  Confidentiality of risk-based capital

15  information.--

16         (1)  The Legislature finds that unrestricted public

17  access to information, proceedings, and hearings relating to

18  an insurer's risk-based capital plan and risk-based capital

19  adjusted report, and documents and examination reports related

20  thereto, might damage the insurer if made available to its

21  competitors and could substantially affect the solvency of an

22  insurer. Damage to an insurer's solvency could have a

23  substantial effect on the public as well as on other insurers.

24  Therefore, it is in the public interest to maintain the

25  confidentiality of this information and these proceedings and

26  hearings within the regulatory body responsible for the

27  oversight of insurer solvency.

28         (2)  The initial risk-based capital report made,

29  furnished, or filed with the department, any risk-based

30  capital plan, revised risk-based capital plan, adjusted

31  risk-based capital report, and working papers and reports of

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    Florida House of Representatives - 1997                HB 1941

    230-225-97






  1  examination or analysis of an insurer performed pursuant to a

  2  plan or corrective order, or regulatory action level,

  3  subsequently filed at the request of the department, with

  4  respect to any domestic insurer or foreign insurer, are

  5  confidential and exempt from s. 119.07(1), Florida Statutes,

  6  and s. 24(a), Art. I of the State Constitution.

  7         (3)  Proceedings and hearings relating to the

  8  department's actions regarding any insurer's risk-based

  9  capital plan, revised risk-based capital plan, risk-based

10  capital report or adjusted risk-based capital report, are

11  exempt from the provisions of s. 286.011, Florida Statutes,

12  and s. 24(b), Art. I of the State Constitution, except as

13  otherwise provided in this section.

14         (4)  The department shall open such proceedings or

15  hearings or disclose the contents of notices, correspondence,

16  reports, records, or other information to a department,

17  agency, or instrumentality of this or another state or of the

18  United States if the department determines the disclosure is

19  necessary or proper for the enforcement of the laws of the

20  United States or of this or another state.

21         (5)  This section does not apply to proceedings,

22  hearings, notices, correspondence, reports, records, or other

23  information obtained upon the appointment of a receiver for

24  the insurer by a court of competent jurisdiction.

25         (6)  The exemptions provided by this section shall

26  terminate:

27         (a)  One year following the conclusion of any

28  risk-based capital plan or revised risk-based capital plan; or

29         (b)  On the date of entry of an order of seizure,

30  rehabilitation, or liquidation pursuant to chapter 631,

31  Florida Statutes.

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    Florida House of Representatives - 1997                HB 1941

    230-225-97






  1         (7)  This section is subject to the Open Government

  2  Sunset Review Act of 1995 in accordance with s. 119.15,

  3  Florida Statutes, and shall stand repealed on October 2, 2001,

  4  unless reviewed and saved from repeal through reenactment by

  5  the Legislature.

  6         Section 2.  This act shall take effect upon the

  7  effective date of House Bill      , Senate Bill     , or

  8  similar legislation, if such legislation is enacted in the

  9  same legislative session or extension thereof.

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12                          HOUSE SUMMARY

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      Provides confidentiality and an exemption from public
14    records requirements for risk-based capital information.

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