Florida Senate - 2021 SB 7014 By the Committee on Banking and Insurance 597-01969-21 20217014__ 1 A bill to be entitled 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 Sunset123 Review Act in accordance with s. 119.15 and is repealed on124 October 2, 2021, unless reviewed and saved from repeal through125 reenactment by the Legislature.126 Section 2. This act shall take effect October 1, 2021.