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. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 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 Sunset120 Review Act in accordance with s. 119.15 and is repealed on121 October 2, 2021, unless reviewed and saved from repeal through122 reenactment by the Legislature.123 Section 2. This act shall take effect October 1, 2021.