THE BILL ITSELF
SB 230
Transparency in Insurance Matters
Florida Senate - 2026 SB 230 By Senator Smith 17-00288A-26 2026230__
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A bill to be entitled
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An act relating to transparency in insurance matters;
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amending s. 624.4213, F.S.; defining the term “trade
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secret”; revising the requirements of a notice of
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trade secret submitted to the Office of Insurance
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Regulation or the Department of Financial Services;
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specifying that certain information is not a trade
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secret and is subject to public disclosure; requiring
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the office to review all claims of trade secret
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protection; requiring that certain claims of trade
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secret protection be denied; requiring the office to
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issue a written notice of denial of trade secret
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protection under certain circumstances; requiring the
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Financial Services Commission to contract with a
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certain independent third-party entity for a specified
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purpose; requiring that a certain reporting
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requirement be included in the contract; providing
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administrative fines; authorizing the office to
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suspend or revoke a person’s certificate of authority
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or license under certain circumstances; creating s.
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624.4214, F.S.; requiring that fees, commissions, and
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profit-sharing agreements between insurers and
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affiliates be filed with the office and made publicly
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accessible on the department’s website; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Present subsections (1), (2), and (3) of section
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624.4213, Florida Statutes, are redesignated as subsections (2),
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(3), and (4), respectively, a new subsection (1) and subsections
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(5) through (8) are added to that section, and present
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subsection (1) of that section is amended, to read:
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624.4213 Trade secret documents.—
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(1) As used in this section, the term “trade secret” has
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the same meaning as provided in s. 688.002.
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(2) (1) If any person who is required to submit documents or
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other information to the office or department pursuant to the
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insurance code or by rule or order of the office, department, or
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commission claims that such submission contains a trade secret,
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such person may file with the office or department a notice of
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trade secret as provided in this section. Failure to do so
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constitutes a waiver of any claim by such person that the
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document or information is a trade secret.
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(a) Each page of such document or specific portion of a
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document claimed to be a trade secret must be clearly marked as
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“trade secret.”
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(b) All material marked as a trade secret must be separated
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from all non-trade secret material, such as being submitted in a
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separate envelope clearly marked as “trade secret.”
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(c) In submitting a notice of trade secret to the office or
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department, the submitting party must include a sworn an
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affidavit that includes all certifying under oath to the truth
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of the following statements concerning all documents or
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information that are claimed to be trade secrets :
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1. The basis for the claim that the submission qualifies as
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a trade secret.
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2. A statement that all of the following are true:
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a. 1. ...(I consider/My company considers)... this
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information a trade secret that has value and provides an
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advantage or an opportunity to obtain an advantage over those
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who do not know or use it.
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b. 2. ...(I have/My company has)... taken measures to
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prevent the disclosure of the information to anyone other than
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those who have been selected to have access for limited
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purposes, and ...(I intend/my company intends)... to continue to
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take such measures.
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c. 3. The information is not, and has not been, reasonably
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obtainable without ...(my/our)... consent by other persons by
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use of legitimate means.
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d. 4. The information is not publicly available elsewhere ,
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and the public release of such information would cause actual,
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demonstrable harm to ...(me/my company)....
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3. A summary prepared for the general public which
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describes the nature of the submission claimed to be a trade
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secret without disclosing the protected details of the
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submission .
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(5) The following information is not considered a trade
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secret and is subject to public disclosure:
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(a) Any financial information, including data, models, or
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assumptions, used in the calculation or justification of
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insurance rates.
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(b) All transactions between an insurer and any affiliate,
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including, but not limited to, fees, commissions, payments, or
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profit-sharing agreements with managing general agents, as
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defined in s. 626.015, claims handlers, reinsurers, or third
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party administrators.
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(c) Officer and employee compensation.
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(d) Dividends paid to shareholders.
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(e) Any information contained in rate filings.
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(f) Any information used to support or oppose proposed
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legislation.
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(g) The summary prepared in accordance with subparagraph
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(2)(c)3.
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(6) The office shall review all claims of trade secret
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protection submitted under this section. If the office or
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department determines that the information does not meet the
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definition of a trade secret under s. 688.002 or falls within
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the categories described in subsection (5), the claim must be
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denied and the office must issue a written notice of denial to
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the submitting party.
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(7) The commission shall, at least once every other year,
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contract with an independent third-party entity with expertise
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in insurance regulation to conduct an independent review of
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trade secret claims submitted under this section. The contract
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must require submission of a final report to the commission, the
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President of the Senate, and the Speaker of the House of
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Representatives by February 1 following the year in which a
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review is conducted which identifies any trade secret claim the
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third-party entity recommends be rejected by the commission.
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(8) A person who knowingly asserts a false claim of trade
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secret protection in order to conceal unlawful financial
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practices is subject to an administrative fine imposed by the
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office in an amount not to exceed $25,000 per violation. In
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addition, the office may suspend or revoke the person’s
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certificate of authority or license as provided in s. 624.418.
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Section 2. Section 624.4214, Florida Statutes, is created
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to read:
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624.4214 Public disclosure of affiliate financial
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arrangement.—All fees, commissions, and profit-sharing
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agreements between an insurer and its affiliates must be filed
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with the office and made publicly accessible on the department’s
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website.
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Section 3. This act shall take effect July 1, 2026.