Florida Senate - 2021                   (PROPOSED BILL) SPB 7014
       FOR CONSIDERATION By the Committee on Banking and Insurance
       597-00886-21                                          20217014pb
    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.;
    4         removing the scheduled repeal of an exemption from
    5         public records requirements for certain proprietary
    6         business information and information that is
    7         confidential and held by the Office of Insurance
    8         Regulation; providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 624.4212, Florida Statutes, is amended
   13  to read:
   14         624.4212 Confidentiality of proprietary business and other
   15  information.—
   16         (1) As used in this section, the term “proprietary business
   17  information” means information, regardless of form or
   18  characteristics, which is owned or controlled by an insurer, or
   19  a person or an affiliated person who seeks acquisition of
   20  controlling stock in a domestic stock insurer or controlling
   21  company, and which:
   22         (a) Is intended to be and is treated by the insurer or the
   23  person as private in that the disclosure of the information
   24  would cause harm to the insurer, the person, or the company’s
   25  business operations and that the information has not been
   26  disclosed unless disclosed pursuant to a statutory requirement,
   27  an order of a court or administrative body, or a private
   28  agreement that provides that the information will not be
   29  released to the public;
   30         (b) Is not otherwise readily ascertainable or publicly
   31  available by proper means by other persons from another source
   32  in the same configuration as requested by the office; and
   33         (c) Includes:
   34         1. Trade secrets as defined in s. 688.002 which comply with
   35  s. 624.4213.
   36         2. Information relating to competitive interests, the
   37  disclosure of which would impair the competitive business of the
   38  provider of the information.
   39         3. The source, nature, and amount of the consideration used
   40  or to be used in carrying out a merger or other acquisition of
   41  control in the ordinary course of business, including the
   42  identity of the lender, if the person filing a statement
   43  regarding consideration so requests.
   44         4. Information relating to bids or other contractual data,
   45  the disclosure of which would impair the efforts of the insurer
   46  or its affiliates to contract for goods or services on favorable
   47  terms.
   48         5. Internal auditing controls and reports of internal
   49  auditors.
   50         (2) Proprietary business information contained in the
   51  following items held by the office is confidential and exempt
   52  from s. 119.07(1) and s. 24(a), Art. I of the State
   53  Constitution:
   54         (a) The actuarial opinion summary required under ss.
   55  624.424(1)(b) and 625.121(3) and information related thereto.
   56         (b) A notice filed with the office by the person or
   57  affiliated person who seeks to divest controlling stock in an
   58  insurer pursuant to s. 628.461.
   59         (c) The filings required under s. 628.801 and information
   60  related thereto.
   61         (d) The enterprise risk report required under ss.
   62  628.461(3) and 628.801 and information related thereto.
   63         (e) Information provided to or obtained by the office
   64  pursuant to participation in a supervisory college established
   65  under s. 628.805.
   66         (f) Beginning on the operative date of the valuation manual
   67  as defined in s. 625.1212(2):
   68         1. An actuarial examination conducted pursuant to s.
   69  625.1212(5)(c), and information related thereto;
   70         2. The annual certification submitted by the insurer
   71  pursuant to s. 625.1212(6)(b)2., and information related
   72  thereto;
   73         3. The principle-based valuation report filed pursuant to
   74  s. 625.1212(6)(b)3., and information related thereto; and
   75         4. Mortality, morbidity, policyholder behavior, or expense
   76  experience and other data submitted pursuant to s. 625.1212(7),
   77  which includes potentially company identifiable or personally
   78  identifiable information.
   79         (3) Except for information obtained by the office which
   80  would otherwise be available for public inspection, the
   81  following information held by the office is confidential and
   82  exempt from s. 119.07(1) and s. 24(a), Art. I of the State
   83  Constitution:
   84         (a) An ORSA summary report, a substantially similar ORSA
   85  report, and supporting documents submitted pursuant to s.
   86  628.8015.
   87         (b) A corporate governance annual disclosure and supporting
   88  documents submitted pursuant to s. 628.8015.
   89         (4) Information received from the NAIC, a governmental
   90  entity in this or another state, the Federal Government, or a
   91  government of another nation which is confidential or exempt if
   92  held by that entity and which is held by the office for use in
   93  the performance of its duties relating to insurer valuation and
   94  solvency is confidential and exempt from s. 119.07(1) and s.
   95  24(a), Art. I of the State Constitution.
   96         (5) The office may disclose information made confidential
   97  and exempt under this section:
   98         (a) If the insurer to which it pertains gives prior written
   99  consent;
  100         (b) Pursuant to a court order;
  101         (c) To the Actuarial Board for Counseling and Discipline
  102  upon a request stating that the information is for the purpose
  103  of professional disciplinary proceedings and specifying
  104  procedures satisfactory to the office for preserving the
  105  confidentiality of the information;
  106         (d) To other states, federal and international agencies,
  107  the National Association of Insurance Commissioners and its
  108  affiliates and subsidiaries, and state, federal, and
  109  international law enforcement authorities, including members of
  110  a supervisory college described in s. 628.805 if the recipient
  111  agrees in writing to maintain the confidential and exempt status
  112  of the document, material, or other information and has
  113  certified in writing its legal authority to maintain such
  114  confidentiality; or
  115         (e) For the purpose of aggregating information on an
  116  industrywide basis and disclosing the information to the public
  117  only if the specific identities of the insurers, or persons or
  118  affiliated persons, are not revealed.
  119         (6) This section is subject to the Open Government Sunset
  120  Review Act in accordance with s. 119.15 and is repealed on
  121  October 2, 2021, unless reviewed and saved from repeal through
  122  reenactment by the Legislature.
  123         Section 2. This act shall take effect October 1, 2021.