Meeting Packet — Insurance & Banking Subcommittee, Florida House Commerce Committee (April 10, 2025)
Summary
Meeting packet of the Insurance & Banking Subcommittee of the Florida House of Representatives Commerce Committee for Thursday, April 10, 2025, 9:00 AM to 11:00 AM. The agenda lists HB 487 (Investments of Public Funds in Bitcoin), HB 1433 (Hurricane Mitigation Grants and Insurers' Regulations) and HB 7011 (OGSR/Records of Insurers/Department of Financial Services). The bill analysis for HB 487 states that the bill authorizes the Chief Financial Officer to invest in Bitcoin and caps Bitcoin investments at 10% of the total funds in any account. The packet closes with the text of HB 7011, whose Section 2 provides an effective date of July 1, 2025.
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Insurance & Banking Subcommittee
Thursday, April 10, 2025
9:00 AM - 11:00 AM
Morris Hall (17 HOB)
Meeting Packet
Daniel Perez Bradford Yeager
Speaker Chair
The Florida House of Representatives
Commerce Committee
Insurance & Banking Subcommittee
Daniel Perez Bradford Yeager
Speaker Chair
Meeting Agenda
Thursday, April 10, 2025
9:00 am – 11:00 am
Morris Hall (17 HOB)
I. Call to Order
II. Roll Call
III. Welcome and Opening Remarks
IV. Consideration of the following bill(s):
• HB 487 Investments of Public Funds in Bitcoin by Barnaby
• HB 1433 Hurricane Mitigation Grants and Insurers' Regulations by Benarroch
• HB 7011 OGSR/Records of Insurers/Department of Financial Services by
Government Operations Subcommittee, Gentry
V. Closing Remarks
VI. Adjournment
214 House Office Building, 402 South Monroe Street, Tallahassee, Fl 32399-1300
(850) 717-4870
HB 487
FLORIDA HOUSE OF REPRESENTATIVES
BILL ANALYSIS
This bill analysis was prepared by nonpartisan committee staff and does not constitute an official statement of legislative intent.
BILL #: HB 487 COMPANION BILL: SB 550 (Gruters)
TITLE: Investments of Public Funds in Bitcoin LINKED BILLS: None
SPONSOR(S): Barnaby RELATED BILLS: None
Committee References
Insurance & Banking Government Operations Ways & Means Commerce
SUMMARY
Effect of the Bill:
The bill authorizes the Chief Financial Officer (CFO) to invest in Bitcoin with monies from several funds and
authorizes trustees of the State Board of Administration to invest Retirement System Trust Fund money in Bitcoin.
The bill caps Bitcoin investments at 10% of the total funds in any account and establishes requirements for holding
Bitcoin.
The bill authorizes the CFO and other approved parties to loan acquired Bitcoin to generate additional returns, if
doing so does not increase financial risk.
The bill also:
Creates a mechanism for handling taxes or fees paid to the state in Bitcoin.
Exempts Bitcoin investments from certain security requirements that apply to public deposits.
Fiscal or Economic Impact:
Indeterminate fiscal impact.
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ANALYSIS
EFFECT OF THE BILL:
Authorization for Bitcoin Investment
The bill authorizes the Chief Financial Officer (CFO) to invest public funds in Bitcoin.1 Investments are allowed
from several funds, including: (Section 1 and Section 2 and Section 3).
The General Revenue Fund.
The Budget Stabilization Fund.
Trust funds and agency funds of state agencies and the judicial branch.
Funds of constitutional or statutory boards and associations (upon request).
Other state funds deemed appropriate by the Legislature.
The bill also authorizes the Trustees of the State Board of Administration (SBA) to invest Florida Retirement
System Trust Fund money in Bitcoin. (Section 4).
1 The bill defines Bitcoin as the decentralized digital currency launched in 2009, including the digital asset underlying Bitcoin
ETPs regulated by the SEC.
STORAGE NAME: h0487.IBS
DATE: 4/9/2025
1
Investment Limits and Holding Requirements
For both the CFO and the SBA, the bill caps Bitcoin investments at 10% of the total funds in any account. Under the
bill, Bitcoin must be held in one of three ways:
Directly by the CFO or SBA through a secure custody solution;2
On behalf of the state or SBA by a qualified custodian; or
As an exchange-traded product3 (ETP) issued by an investment company registered with the Securities and
Exchange Commission. (Sections 1 and 4).
Additional Bitcoin Functions
The bill authorizes the CFO and other approved parties to loan acquired Bitcoin to generate additional returns (if
doing so “does not increase financial risk”). The CFO is required to established rules governing such loans. (Section
1).
The bill also creates a mechanism for handling taxes or fees paid to the state in Bitcoin, requiring (Section 1):
Transfer of Bitcoin payments to the General Revenue Fund; and
Reimbursement from the General Revenue Fund to the designated fund in U.S. currency.
Security Requirement Exemptions (Section 5).
The bill exempts Bitcoin investments from certain security requirements that apply to public deposits under ch.
280, F.S.
The date the bill is effective is July 1, 2025.
RULEMAKING:
The bill grants rulemaking authority to the CFO to implement provisions of the bill governing loans of Bitcoin,
which are allowed by the bill to generate additional returns if such transactions do not increase financial risk.
Lawmaking is a legislative power; however, the Legislature may delegate a portion of such power to executive
branch agencies to create rules that have the force of law. To exercise this delegated power, an agency must
have a grant of rulemaking authority and a law to implement.
FISCAL OR ECONOMIC IMPACT:
STATE GOVERNMENT:
Indeterminate. To the extent there is a fiscal impact, such impact is limited by the bill’s ten percent caps on
investment in Bitcoin.
PRIVATE SECTOR:
Private investment companies holding Bitcoin, and private enterprises in the business of facilitating transactions in
Bitcoin, may benefit from increased state adoption of Bitcoin.
2 The bill defines a secure custody solution as a technological custody system with specific security requirements, including:
Private keys exclusively known to and accessible by the government entity.
Keys stored in encrypted environments, never on smartphones.
Hardware stored in geographically diverse secure data centers.
Multiparty governance structure for transaction and authorization.
Disaster recovery protocols.
Regular security audits.
3 The bill defines exchange-traded products as SEC/CFTC/DFS-approved financial instruments traded on national exchanges.
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2
RELEVANT INFORMATION
SUBJECT OVERVIEW:
Digital Currency
Digital currency is a virtual representation of a value, stored in electronic form, that is not available in physical
form but which can be used as a medium of exchange, a unit of account, or a store of value.4 Digital currencies can
be issued in two ways: centralized (that is, issued by a central bank or sovereign nation as a digital representation
of a certain denomination of currency) and decentralized (that is, not issued by a central bank or sovereign
nation).5 Most digital currencies are privately issued and thus are decentralized digital currencies.
Digital currencies are stored in digital wallets, typically software or apps installed by users on their computer or
mobile device. Each digital wallet contains encrypted information that is used to send and receive the digital
currency. Digital currency transactions are recorded in a virtual public ledger called the "blockchain," which is
maintained by digital currency "miners." Miners receive digital currency in exchange for verifying each transaction
and adding it to the blockchain.6
Bitcoin
Bitcoin is a decentralized digital currency created in 2009.7 It is global and limited to 21 million units total.8 Like
other decentralized digital currencies, it is not issued or backed by a government or central bank, and users can
store Bitcoin online through exchanges or more securely using private keys.9
Bitcoin is generally treated as property by the Internal Revenue Service10 and as a commodity by the Commodities
Futures Trading Commission.11 Historically, it has not been deemed a security subject to federal regulation by the
U.S. Securities and Exchange Commission.12
Chief Financial Officer (CFO) Investment Functions
Florida’s CFO oversees the state’s accounting, auditing, and investment functions.13 Under current law, the CFO is
responsible for investing general revenue funds, trust funds, agency funds of each state agency and the judicial
branch, and may upon request invest funds of any board, association, or entity created by the State Constitution or
by law, except for funds required to be invested by the SBA.14
4 Westlaw, Definition of virtual currency,
https://1.next.westlaw.com/Document/I1c0f4fc4505011e89bf199c0ee06c731/View/FullText.html?ppcid=d154a21215fa49
b2b97bc6db2c6392a5&originationContext=knowHow&transitionType=KnowHowItem&contextData=%28sc.Default%29
(last visited April 19, 2023).
5 Yang, Zhou, A study on the influence mechanism of CBDC on monetary policy: An analysis based on e-CNY,
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0268471 (last visited April 19, 2023); Westlaw, Definition
of central bank digital currency, https://1.next.westlaw.com/w-032-
2803?VR=3.0&RS=cblt1.0&__lrTS=20230323210728711&transitionType=Default&contextData=(sc.Default)&firstPage=true&bhc
p=1 (last visited April 19, 2023).
6 NCSL, Cryptocurrency, Digital or Virtual Currency and Digital Assets 2025 Legislation, https://www.ncsl.org/financial-
services/cryptocurrency-digital-or-virtual-currency-and-digital-assets-2025-legislation (last visited April 8, 2025)
7 Samara Cohen et al., Bitcoin: A Unique Diversifier, BlackRock, https://www.blackrock.com/us/financial-
professionals/literature/whitepaper/bitcoin-a-unique-diversifier.pdf (last visited March 17, 2025).
8 Id. See also NCSL, supra note 6.
9 Id.
10 Internal Revenue Service, Digital assets, https://www.irs.gov/filing/digital-assets, (last visited March 17, 2025) (“For U.S.
tax purposes, digital assets are considered property, not currency. … Examples of digital assets … include … Bitcoin … .”).
11 U.S. Commodity Futures Trading Commission, Bitcoin Basics,
https://www.cftc.gov/sites/default/files/idc/groups/public/%40customerprotection/documents/file/oceo_bitcoinbasics021
8.pdf (last visited March 17, 2025) (“[V]irtual currencies, such as Bitcoin, have been determined to be commodities under the
Commodity Exchange Act (CEA).”).
12 See Ankush Khardori, Can Gary Gensler Survive Crypto Winter? D.C.’s top financial cop on Bankman-Fried blowback. (Feb. 23,
2023), https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html,
13 See Florida Department of Financial Services, About the Agency, https://myfloridacfo.com/about/meet-the-cfo (last visited
April 8, 2025).
14 S. 17.61, F.S.
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3
State Board of Administration (SBA)
The SBA is composed of the Governor as chair, the CFO, and the Attorney General.15 The SBA is directed by statute
to invest all funds in the System Trust Fund, and all other funds under the Board’s scope, to the fullest extent that is
consistent with the cash requirements, trust agreement, and investment objectives of the fund.
Florida Retirement System Trust Fund
The Florida Retirement System (FRS) Trust Fund contains the pension funds for Florida’s public employees.16 The
fund is one of the largest public pension funds in the United States.17 The fund manages over $200 billion in assets
and provides retirement benefits for more than 600,000 active employees and over 400,000 retirees and
beneficiaries.18 These include state employees, county government employees, public school teachers, university
and community college faculty and staff, and employees of cities and special districts that have elected to join the
system.
The SBA is responsible for managing the FRS Trust Fund's investments.19 The SBA employs professional
investment managers who work to maximize returns while managing risk appropriately for a pension fund.20
Under Florida law, the SBA must invest the trust fund's assets according to specific guidelines, particularly those in
ss. 215.44-215.53, F.S. These laws typically establish investment criteria focused on security, diversification, and
reasonable returns.
BILL HISTORY
STAFF
DIRECTOR/ ANALYSIS
COMMITTEE REFERENCE ACTION DATE POLICY CHIEF PREPARED BY
Insurance & Banking Hamon Schenk
Subcommittee
Government Operations
Subcommittee
Ways & Means Committee
Commerce Committee
15 S. 215.44, F.S.
16 FRS Pension Plan, Florida State Board of Administration, https://www.sbafla.com/funds/frs-pension-plan/ (last visited
March 17, 2025).
17 Id.
18 Department of Management Services – Division of Retirement,
https://www.dms.myflorida.com/workforce_operations/retirement (last visited March 17, 2025).
19 See Florida State Board of Administration, SBA 2023-2024 Investment Report at 12,
https://www.sbafla.com/media/zxxprkng/2023-2024-air-draft3625-final-updated.pdf (last visited March 17, 2025).
20 See id. at 21.
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4
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 487 2025
1 A bill to be entitled
2 An act relating to investments of public funds in
3 Bitcoin; creating s. 17.573, F.S.; providing
4 definitions; authorizing the Chief Financial Officer
5 to make investments in Bitcoin; authorizing the Chief
6 Financial Officer to invest money from certain public
7 funds; providing limits to such investments; providing
8 requirements for holding acquired Bitcoin; authorizing
9 the Chief Financial Officer and other parties to loan
10 Bitcoin under specified circumstances; requiring rules
11 governing such loans; requiring taxes and fees paid in
12 Bitcoin to be transferred to the General Revenue Fund;
13 requiring the General Revenue Fund to reimburse
14 designated funds in United States currency for such
15 payments; amending ss. 17.57 and 17.61, F.S.;
16 conforming provisions to changes made by the act;
17 amending s. 121.151, F.S.; authorizing the Trustees of
18 the State Board of Administration to invest and
19 reinvest available funds of the System Trust Fund in
20 Bitcoin; providing requirements for such investments;
21 providing definitions; amending s. 280.03, F.S.;
22 providing that investments of public funds in Bitcoin
23 are exempt from certain security requirements;
24 providing an effective date.
25
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26 WHEREAS, inflation has eroded the purchasing power of
27 assets held in state funds managed by the Chief Financial
28 Officer and this erosion diminishes the value of the state's
29 reserves, affecting the financial stability and economic
30 security of this state, its taxpayers, and its residents, and
31 WHEREAS, although this state does not have direct control
32 over the national money supply or the policies that influence
33 inflation, it has a responsibility to safeguard Florida's
34 financial resources against the impacts of inflation and other
35 economic uncertainties, and
36 WHEREAS, throughout its history, Bitcoin has greatly risen
37 in value and is becoming more widely accepted as an
38 international medium of exchange, and countries around the
39 world, including the United States, hold Bitcoin within their
40 treasury departments, and
41 WHEREAS, Bitcoin is viewed as a hedge against inflation by
42 sovereign nations and prominent investment advisors, including
43 BlackRock, Fidelity, and Franklin Templeton, and
44 WHEREAS, this state should have access to tools such as
45 Bitcoin to protect against inflation, NOW, THEREFORE,
46
47 Be It Enacted by the Legislature of the State of Florida:
48
49 Section 1. Section 17.573, Florida Statutes, is created to
50 read:
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51 17.573 Investments in Bitcoin.—
52 (1) As used in this section, the term:
53 (a) "Bitcoin" means the decentralized digital currency
54 launched in 2009 which allows online payments to be sent
55 directly from one party to another without going through a
56 financial institution. The term includes the digital asset
57 underlying Bitcoin exchange-traded products regulated by the
58 Securities and Exchange Commission.
59 (b) "Exchange-traded product" means a financial instrument
60 approved by the Securities and Exchange Commission, the
61 Commodity Futures Trading Commission, or the Department of
62 Financial Services which is traded on a national stock exchange
63 and derives its value from an underlying pool of assets,
64 including stocks, bonds, commodities, and indexes.
65 (c) "Private key" means a unique element of cryptographic
66 data used for signing transactions on a blockchain, known only
67 to the owner.
68 (d) "Secure custody solution" means a technological
69 product or blended product and service meeting all of the
70 following criteria:
71 1. The cryptographic private keys are:
72 a. Exclusively known by and accessible to the governmental
73 entity.
74 b. Contained within an encrypted environment and
75 accessible only via end-to-end encrypted channels.
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76 c. Never stored on or accessible via a smartphone.
77 2. The hardware containing the cryptographic private keys
78 is maintained in at least two geographically diverse, secure
79 data centers.
80 3. A multiparty governance structure for authorizing
81 transactions is implemented, user access control is enforced,
82 and all user-initiated actions are logged.
83 4. The provider of the technological product or blended
84 product and service has implemented a disaster recovery protocol
85 ensuring access to assets if the provider becomes unavailable.
86 5. The technological product or blended product and
87 service undergoes regular code audits and penetration testing,
88 with identified vulnerabilities promptly addressed.
89 (e) "Qualified custodian" means a federal bank, a Florida
90 state-chartered bank, a trust company, a special-purpose
91 depository institution, or a company regulated by this state
92 which provides custody services for Bitcoin as part of an
93 approved exchange-traded product.
94 (2) The Chief Financial Officer may:
95 (a) Include Bitcoin and potentially other digital assets
96 to serve as stores of value and provide a hedge against
97 inflation, thereby protecting the purchasing power of state
98 funds.
99 (b) Ensure that the investment strategies employed by the
100 Chief Financial Officer align with the goal of enhancing this
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101 state's economic security and financial resilience.
102 (c) Maintain flexibility in investment decisions to
103 respond to changing economic conditions and emerging
104 opportunities that may offer better protection or returns on
105 state funds.
106 (3)(a)1. The Chief Financial Officer may invest money in
107 Bitcoin from the following funds:
108 a. The General Revenue Fund.
109 b. The Budget Stabilization Fund.
110 c. All the trust funds and all agency funds of each state
111 agency, and of the judicial branch, as defined in s. 216.011.
112 d. Funds of any board, association, or entity created by
113 the State Constitution or by law upon request of the board,
114 association, or entity.
115 e. Any other state fund deemed appropriate by the
116 Legislature.
117 2. The amount of public funds that the Chief Financial
118 Officer may invest in Bitcoin may not exceed 10 percent of the
119 total funds in any account.
120 (b)1. The Bitcoin acquired under paragraph (a) shall be
121 held:
122 a. Directly by the Chief Financial Officer through the use
123 of a secure custody solution;
124 b. On behalf of this state by a qualified custodian; or
125 c. In the form of an exchange-traded product issued by an
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126 investment company registered with the Securities and Exchange
127 Commission under the Investment Company Act of 1940, as amended.
128 2. The Chief Financial Officer, and other parties with the
129 permission of the Chief Financial Officer, may loan the Bitcoin
130 in state funds to generate additional returns for this state if
131 such loans do not increase financial risk. The Chief Financial
132 Officer shall adopt rules governing such loans.
133 (4) Taxes or fees paid to this state in Bitcoin shall be
134 transferred to the General Revenue Fund. The General Revenue
135 Fund shall reimburse the designated fund for the value of the
136 Bitcoin payment in United States currency for such taxes or
137 fees.
138 Section 2. Paragraph (b) of subsection (1) and subsections
139 (2) and (7) of section 17.57, Florida Statutes, are amended to
140 read:
141 17.57 Deposits and investments of state money.—
142 (1)
143 (b) The Chief Financial Officer, or other parties with the
144 permission of the Chief Financial Officer, shall:
145 1. Deposit the money of the state or any money in the
146 State Treasury in such qualified public depositories of the
147 state as will offer satisfactory collateral security for such
148 deposits, pursuant to chapter 280; or
149 2. Invest the money of the state or any money in the State
150 Treasury in Bitcoin pursuant to s. 17.573 and deposit the rest
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151 of the money of the state and the State Treasury in the
152 qualified public depositories described in subparagraph 1.
153
154 It is the duty of the Chief Financial Officer, consistent with
155 the cash requirements of the state, to keep such money fully
156 invested or deposited as provided herein in order that the state
157 may realize maximum earnings and benefits. Nothing in this
158 section shall preclude credit unions designated as public
159 depositories from participation.
160 (2)(a) The Chief Financial Officer shall make funds
161 available to meet the disbursement needs of the state. Funds
162 which are not needed for this purpose shall be:
163 1. Placed in qualified public depositories that will pay
164 rates established by the Chief Financial Officer at levels not
165 less than the prevailing rate for United States Treasury
166 securities with a corresponding maturity; or
167 2. Invested in Bitcoin pursuant to s. 17.573, and the rest
168 of the funds placed in the qualified public depositories
169 described in subparagraph 1.
170 (b) In the event money is available for interest-bearing
171 time deposits or savings accounts as provided herein and
172 qualified public depositories are unwilling to accept such money
173 and pay thereon the rates established above, then such money
174 which qualified public depositories are unwilling to accept
175 shall be invested in:
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176 1.(a) Direct United States Treasury obligations.
177 2.(b) Obligations of the Federal Farm Credit Banks.
178 3.(c) Obligations of the Federal Home Loan Bank and its
179 district banks.
180 4.(d) Obligations of the Federal Home Loan Mortgage
181 Corporation, including participation certificates.
182 5.(e) Obligations guaranteed by the Government National
183 Mortgage Association.
184 6.(f) Obligations of the Federal National Mortgage
185 Association.
186 7.(g) Commercial paper of prime quality of the highest
187 letter and numerical rating as provided for by at least one
188 nationally recognized rating service.
189 8.(h) Time drafts or bills of exchange drawn on and
190 accepted by a commercial bank, otherwise known as "bankers
191 acceptances," which are accepted by a member bank of the Federal
192 Reserve System having total deposits of not less than $400
193 million or which are accepted by a commercial bank which is not
194 a member of the Federal Reserve System with deposits of not less
195 than $400 million and which is licensed by a state government or
196 the Federal Government, and whose senior debt issues are rated
197 in one of the two highest rating categories by a nationally
198 recognized rating service and which are held in custody by a
199 domestic bank which is a member of the Federal Reserve System.
200 9.(i) Corporate obligations or corporate master notes of
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201 any corporation within the United States, if the long-term
202 obligations of such corporation are rated by at least two
203 nationally recognized rating services in any one of the four
204 highest classifications. However, if such obligations are rated
205 by only one nationally recognized rating service, then the
206 obligations shall be rated in any one of the two highest
207 classifications.
208 10.(j) Obligations of the Student Loan Marketing
209 Association.
210 11.(k) Obligations of the Resolution Funding Corporation.
211 12.(l) Mortgage-backed securities of the highest credit
212 quality.
213 13.(m) Asset-backed securities rated by at least two
214 nationally recognized rating services in any one of the three
215 highest classifications. However, if such obligations are rated
216 by only one nationally recognized rating service, the
217 obligations must be rated in any one of the two highest
218 classifications.
219 14.(n) Any obligations not previously listed which are
220 guaranteed as to principal and interest by the full faith and
221 credit of the United States Government or are obligations of
222 United States agencies or instrumentalities which are rated in
223 the highest category by a nationally recognized rating service.
224 15.(o) Commingled no-load investment funds or no-load
225 mutual funds in which all securities held by the funds are
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226 authorized in this subsection.
227 16.(p) Money market mutual funds as defined and regulated
228 by the Securities and Exchange Commission.
229 17.(q) Obligations of state and local governments rated in
230 any of the four highest classifications by at least two
231 nationally recognized rating services. However, if such
232 obligations are rated by only one nationally recognized rating
233 service, then the obligations shall be rated in any one of the
234 two highest classifications.
235 18.(r) Covered put and call options on investment
236 instruments authorized in this subsection for the purpose of
237 hedging transactions by investment managers to mitigate risk or
238 to facilitate portfolio management.
239 19.(s) Negotiable certificates of deposit issued by
240 financial institutions whose long-term debt is rated in one of
241 the three highest categories by at least two nationally
242 recognized rating services, the investment in which shall not be
243 prohibited by any provision of chapter 280.
244 20.(t) Foreign bonds denominated in United States dollars
245 and registered with the Securities and Exchange Commission for
246 sale in the United States, if the long-term obligations of such
247 issuers are rated by at least two nationally recognized rating
248 services in any one of the four highest classifications.
249 However, if such obligations are rated by only one nationally
250 recognized rating service, the obligations shall be rated in any
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251 one of the two highest classifications.
252 21.(u) Convertible debt obligations of any corporation
253 domiciled within the United States, if the convertible debt
254 issue is rated by at least two nationally recognized rating
255 services in any one of the four highest classifications.
256 However, if such obligations are rated by only one nationally
257 recognized rating service, then the obligations shall be rated
258 in any one of the two highest classifications.
259 22.(v) Securities not otherwise described in this
260 subsection. However, not more than 3 percent of the funds under
261 the control of the Chief Financial Officer shall be invested in
262 securities described in this paragraph.
263 23.(w) Derivatives of investment instruments authorized in
264 subparagraphs 1.-22 paragraphs (a)-(v).
265 24.(x) Futures and options on futures, provided the
266 instruments for such purpose are traded on a securities exchange
267 or board of trade regulated by the Securities and Exchange
268 Commission or the Commodity Futures Trading Commission.
269 25. Bitcoin pursuant to s. 17.573.
270
271 These investments may be in varying maturities and may be in
272 book-entry form. Investments made pursuant to this subsection
273 may be under repurchase agreement or reverse repurchase
274 agreement. The Chief Financial Officer may hire registered
275 investment advisers and other consultants to assist in
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276 investment management and to pay fees directly from investment
277 earnings. Investment securities, proprietary investment services
278 related to contracts, performance evaluation services,
279 investment-related equipment or software used directly to assist
280 investment trading or investment accounting operations including
281 bond calculators, telerates, Bloombergs, special program
282 calculators, intercom systems, and software used in accounting,
283 communications, and trading, and advisory and consulting
284 contracts made under this section are exempt from the provisions
285 of chapter 287.
286 (7) In addition to the deposits authorized under this
287 section and notwithstanding any other provisions of law, funds
288 that are not needed to meet the disbursement needs of the state
289 may be deposited, or invested under s. 17.573 and the rest of
290 the funds which is not invested under s. 17.573 may be
291 deposited, by the Chief Financial Officer in accordance with the
292 following conditions for fund deposits:
293 (a) The funds are initially deposited in a qualified
294 public depository, as defined in s. 280.02, selected by the
295 Chief Financial Officer.
296 (b) The selected depository arranges for depositing the
297 funds in financial deposit instruments insured by:
298 1. The Federal Deposit Insurance Corporation in one or
299 more federally insured banks or savings and loan associations,
300 wherever located, for the account of the state.
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301 2. For credit unions designated as qualified public
302 depositories, the National Credit Union Share Insurance Fund.
303 (c) The full amount of the principal and accrued interest
304 of each financial deposit instrument is insured by the Federal
305 Deposit Insurance Corporation or, for credit unions designated
306 as qualified public depositories, the National Credit Union
307 Share Insurance Fund.
308 (d) The selected depository acts as custodian for the
309 state with respect to each financial deposit instrument issued
310 for its account.
311 Section 3. Subsection (1) of section 17.61, Florida
312 Statutes, is amended to read:
313 17.61 Chief Financial Officer; powers and duties in the
314 investment of certain funds.—
315 (1) The Chief Financial Officer shall invest all general
316 revenue funds and all the trust funds and all agency funds of
317 each state agency, and of the judicial branch, as defined in s.
318 216.011, and may, upon request, invest funds of any board,
319 association, or entity created by the State Constitution or by
320 law, except for the funds required to be invested pursuant to
321 ss. 215.44-215.53, by the procedure and in the authorized
322 securities or in Bitcoin prescribed in s. 17.57; for this
323 purpose, the Chief Financial Officer may open and maintain one
324 or more demand and safekeeping accounts in any bank or savings
325 association for the investment and reinvestment and the
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326 purchase, sale, and exchange of funds and securities in the
327 accounts. Funds in such accounts used solely for investments and
328 reinvestments shall be considered investment funds and not funds
329 on deposit, and such funds shall be exempt from the provisions
330 of chapter 280. In addition, the securities or investments
331 purchased or held under the provisions of this section and s.
332 17.57 may be loaned to securities dealers and banks and may be
333 registered by the Chief Financial Officer in the name of a
334 third-party nominee in order to facilitate such loans, provided
335 the loan is collateralized by cash or United States government
336 securities having a market value of at least 100 percent of the
337 market value of the securities loaned. The Chief Financial
338 Officer shall keep a separate account, designated by name and
339 number, of each fund. Individual transactions and totals of all
340 investments, or the share belonging to each fund, shall be
341 recorded in the accounts.
342 Section 4. Section 121.151, Florida Statutes, is amended
343 to read:
344 121.151 Investments.—
345 (1) The Board of Administration, created by authority of
346 the State Constitution, shall invest and reinvest available
347 funds of the System Trust Fund in accordance with the provisions
348 of ss. 215.44-215.53.
349 (2)(a) The Board of Administration may also invest and
350 reinvest available funds of the System Trust Fund in Bitcoin.
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351 The amount of funds that the board may invest and reinvest in
352 Bitcoin may not exceed 10 percent of the total funds.
353 (b) The Bitcoin acquired under paragraph (a) shall be
354 held:
355 1. Directly by the board through the use of a secure
356 custody solution;
357 2. On behalf of the board by a qualified custodian; or
358 3. In the form of an exchange-traded product issued by an
359 investment company registered with the Securities and Exchange
360 Commission under the Investment Company Act of 1940, as amended.
361 (c) As used in this subsection, the terms "Bitcoin,"
362 "exchange-traded product," "secure custody solution," and
363 "qualified custodian" have the same meanings as in s. 17.573(1).
364 Section 5. Paragraph (f) of subsection (3) of section
365 280.03, Florida Statutes, is amended to read:
366 280.03 Public deposits to be secured; prohibitions;
367 exemptions.—
368 (3) The following are exempt from the requirements of, and
369 protection under, this chapter:
370 (f) Public deposits and investments made in accordance
371 with s. 17.57(7), s. 17.573, or s. 218.415(23).
372 Section 6. This act shall take effect July 1, 2025.
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HB 1433
FLORIDA HOUSE OF REPRESENTATIVES
BILL ANALYSIS
This bill analysis was prepared by nonpartisan committee staff and does not constitute an official statement of legislative intent.
BILL #: HB 1433 COMPANION BILL: CS/SB 1740 (Ingoglia)
TITLE: Hurricane Mitigation Grants and Insurers' LINKED BILLS: None
Regulations RELATED BILLS: None
SPONSOR(S): Benarroch
Committee References
Insurance & Banking Budget Commerce
SUMMARY
Effect of the Bill:
The bill:
Provides that a hurricane mitigation grant under the My Safe Florida Home Program may be awarded only
for each mitigation improvement that will result in a property insurance premium mitigation credit,
discount, or other rate differential and requires the Department of Financial Services to mandate
improvements to all openings as a condition of reimbursing a homeowner approved for a grant if
determined necessary.
Increases minimum surplus requirements for certain residential property insurers and provides staggered
dates for existing insurers to meet the new requirements.
Prohibits a person who was an officer or director of an insolvent insurer or the attorney in fact or officer or
director of the attorney in fact for an insolvent reciprocal insurer within 5 years of such insolvency from
thereafter serving certain leadership roles and prohibits payments to a managing general agent, affiliate, or
attorney in fact that has such a person occupying a director, officer, or attorney in fact position until OIR
determines the violation has been remedied.
Fiscal or Economic Impact:
None.
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
ANALYSIS
EFFECT OF THE BILL:
Hurricane Mitigation Grants
The bill provides that a hurricane mitigation grant under the My Safe Florida Home Program may be awarded only
for each mitigation improvement that will result in a property insurance premium mitigation credit, discount, or
other rate differential. (Section 1).
The bill provides that if necessary for the home to qualify for a mitigation credit, discount, or other rate differential,
the Department of Financial Services (DFS) is required to mandate improvements to all openings including exterior
doors, garage doors, windows, and skylights, as a condition of reimbursing a homeowner approved for a grant.
(Section 1).
Surplus Requirement for New Residential Property Insurers (Section 2)
The bill increases the minimum surplus requirement for a new domestic insurer as follows:
$35 million for an insurer that transacts residential property insurance and is not a wholly owned
subsidiary of an insurer domiciled in any other state (up from $15 million).
$12.5 million for an insurer that only transacts limited sinkhole coverage insurance for personal lines
residential property (up from $7.5 million).
STORAGE NAME: h1433.IBS
DATE: 4/8/2025
1
$15 million for an insurer that only transacts residential property insurance in the form of renter’s
insurance, tenant’s coverage, cooperative unit owner insurance, or any combination thereof (up from
$10 million).
Surplus Requirement for Residential Property Insurers (Section 4)
The bill provides that the minimum surplus requirement for existing residential property insurers is:
$35 million for insurers not holding a certificate of authority before July 1, 2025;
$15 million for insurers holding a certificate of authority before July 1, 2025, and until June 30, 2030;
$25 million for insurers holding a certificate of authority on or after July 1, 2030, and until June 30, 2035;
and
$35 million for insurers holding a certificate of authority on or after July 1, 2035.
The bill provides that the minimum surplus requirement for a domestic insurer that only transacts limited sinkhole
coverage insurance for personal lines residential property is:
$12.5 million for an insurer that does not hold a certificate of authority before July 1, 2025.
$7.5 million for an insurer holding a certificate of authority before July 1, 2025, and until June 30, 2030
$10 million for an insurer holding a certificate of authority on or after July 1, 2030 and until June 30, 2035.
$12.5 million for an insurer holding a certificate of authority on or after July 1, 2025.
Officers and Directors of Insolvent Insurers (Section 3)
The bill amends existing provisions limiting an officer or director of an insurer who served in that capacity within
the 2-year period before the date the insurer became insolvent from serving in certain positions of authority to
apply to insolvencies that occurred on or after July 1, 2002, but before July 1, 2025.
The bill provides that any person who was an officer or director of an insurer doing business in this state, the
attorney in fact of a reciprocal insurer doing business in this state, or an officer or director of an attorney in fact of
a reciprocal insurer doing business in this state and who served in that capacity within the 5-year period before
the date such insurer or reciprocal insurer became insolvent, for any insolvency that occurs on or after July 1,
2025, may not thereafter do any of the following:
Serve as an officer or a director of an insurer authorized in this state.
Serve as an officer or a director of a managing general agent of an insurer authorized in this state.
Serve as an attorney in fact or as an officer or a director of the attorney in fact of a reciprocal insurer
authorized in this state.
Serve as an officer or a director of an affiliate of an insurer authorized in this state which provides services
to such insurer.
Exercise direct or indirect control through contract, trust, or by operation of law over the selection or
appointment of any position specified above.
The bill provides that these prohibitions do not apply if the officer, director, or attorney in fact demonstrates, and
the OIR determines, that his or her personal actions or omissions were not a significant contributing cause to the
insolvency.
For any violation of the prohibitions described above, OIR must prohibit an insurer or reciprocal insurer
authorized in this state from paying any compensation to a managing general agent, affiliate, or attorney in fact
that has an officer or director or is an attorney in fact that engaged in such violation until OIR determines the
violation has been remedied.
The bill provides an effective date of July 1, 2025. (Section 5).
RELEVANT INFORMATION
SUBJECT OVERVIEW:
My Safe Florida Home Program
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
2
Background
In 2006, the Legislature created the My Safe Florida Home Program (MSFH Program) within DFS, with the intent
that the MSFH Program provide licensed inspectors to perform inspections for owners of site-built, single-family,
residential properties and grants to eligible applicants, subject to the availability of funds.1 Under the MSFH
Program, DFS must develop and implement a comprehensive and coordinated approach for hurricane damage
mitigation that may include hurricane mitigation inspections,2 mitigation grants,3 and education, consumer
awareness, and outreach.4
Mitigation Grants
Financial grants under the MSFH Program are intended to encourage single-family, site-built, owner-occupied,
residential property owners to retrofit their properties to make them less vulnerable to hurricane damage.5 For a
homeowner to be eligible for a grant, the following criteria must be met:
The homeowner must have been granted a homestead exemption on the home under ch. 196, F.S.;6
The home must be a dwelling with an insured value of $700,000 or less;7
The home must undergo an acceptable hurricane mitigation inspection under the MSFH Program;
The building permit application for initial construction of the home must have been made before January 1,
2008; and
The homeowner must agree to make his or her home available for inspection once a mitigation project is
completed.8
An application for a grant must contain a signed or electronically verified statement, made under penalty of
perjury, that the applicant has submitted only a single application.9 The application must include attachments that
demonstrate the applicant meets the requirements described above.10
Residential Property Insurance Mitigation Credits, Discounts, or Other Rate Differentials
Residential property insurance rates must account for mitigation measures undertaken by policyholders to reduce
hurricane losses.11 Specifically, insurer rate filings must include actuarially reasonable discounts, credits, or other
rate differentials or appropriate reductions in deductibles to consumers who implement windstorm damage
mitigation techniques to their properties.12 Upon their filing by an insurer or rating organization, the Office of
Insurance Regulation (OIR) determines the discounts, credits, and other rate differentials.13 Windstorm mitigation
measures that must be evaluated for purposes of mitigation discounts include fixtures or construction techniques
that enhance roof strength, roof covering performance, roof-to-wall strength, wall-to-floor-to-foundation strength,
opening protection, and window, door, and skylight strength.14
An insurer is required to notify an applicant or policyholder of any personal lines residential property insurance
policy, at the time of the issuance of the policy and at each renewal, of the availability of each premium discount,
credit, other rate differential for properties on which fixtures or construction techniques demonstrated to reduce
the amount of loss in a windstorm can be or have been installed or implemented.15 The Financial Services
1 S. 215.5586, F.S.
2 See s. 215.5586(1), F.S.
3 See s. 215.5586(2), F.S.
4 See s. 215.5586(3), F.S.
5 s. 215.5586(2), F.S.
6 Chapter 196, F.S., relates to, among other things, homestead exemptions.
7 Homeowners who are low-income persons, as defined s. 420.0004(11), F.S., are exempt from this requirement. The term “low-income
persons” is defined by s. 420.0004(11), F.S., as one or more natural persons or a family, the total annual adjusted gross household income of
which does not exceed 80% of the median annual adjusted gross income for households within the state, or 80% of the median annual
adjusted gross income for households within the metropolitan statistical area (MSA) or, if not within an MSA, within the county in which the
person or family resides, whichever is greater.
8 S. 215.5586(2)(a), F.S.
9 s. 215.5586(2), F.S.
10 Id.
11 S. 627.062(2)(j), F.S.
12 S. 627.0629(1), F.S.
13 Id.
14 Id.
15 S. 627.711(1), F.S.
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
3
Commission is required to develop a uniform mitigation verification inspection form to be used by all insurers
when submitted by policyholders for the purpose of factoring discounts for wind insurance.16
Insurance Company Surplus
To transact insurance in Florida, insurers must apply for a certificate of authority and meet certain surplus
requirements. The surplus requirements for existing insurers are different than the requirements for new
insurers.17
Surplus Requirement for New Residential Property Insurers
S. 624.407, F.S. establishes the surplus requirement for new insurers doing business in this state. The minimum
surplus requirement for a new domestic insurer that transacts residential property insurance is:
$15 million if not a wholly owned subsidiary of an insurer domiciled in any other state.18
$50 million if a wholly owned subsidiary of an insurer domiciled in any other state.19
The minimum surplus requirement for a domestic insurer that only transacts limited sinkhole coverage insurance
for personal lines residential property is $7.5 million.20
An insurer that only transacts residential property renter’s insurance, tenant’s coverage, or cooperative unit owner
insurance, or any combination thereof, must have a minimum surplus of $10 million.21
Surplus Requirement for Existing Residential Property Insurers
S. 624.408, F.S. establishes the surplus requirement for existing insurers doing business in this state. The minimum
surplus requirement for existing residential property insurers is:
$15 million for residential property insurers not holding a certificate of authority before July 1, 2011;
$5 million for residential property insurers holding a certificate of authority before July 1, 2011, and until
June 30, 2016;
$10 million for residential property insurers holding a certificate of authority on or after July 1, 2016, and
until June 30, 2021; and
$15 million for residential property insurers holding a certificate of authority on or after July 1, 2021.22
The minimum surplus requirement for a domestic insurer that only transacts limited sinkhole coverage insurance
for personal lines residential property is $7.5 million.23
The minimum surplus requirement for an insurer that only transacts residential property insurance in the form of
renter’s insurance, tenant’s coverage, cooperative unit owner insurance, or any combination thereof, is $10
million.24
Officers and Directors of Insolvent Insurers
The OIR has broad authority to deny, suspend, or revoke an insurer’s authority to transact insurance in Florida if it
finds the insurer’s officers or directors to be: 25
Incompetent or untrustworthy;
So lacking in insurance company managerial experience as to make the proposed operation hazardous to
the insurance-buying public;
So lacking in insurance experience, ability, and standing as to jeopardize the reasonable promise of
successful operation; or
16 S. 627.711(2)(a), F.S.
17 See ss. 624.407 and 624.408, F.S.
18 S. 624.407(1)(e)1, F.S.
19 S. 624.407(1)(e)2, F.S.
20 S. 624.407(1)(f), F.S.
21 S. 624.407(1)(g), F.S.
22 S. 624.408(1), F.S.
23 S. 624.408(1)(h), F.S.
24 S. 624.408(1)(i), F.S.
25 S. 624.404(3)(a), F.S.
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
4
Affiliated directly or indirectly through ownership, control, reinsurance transactions, or other insurance or
business relations, with any person or persons whose business operations are or have been marked, to the
detriment of policyholders, stockholders, investors, creditors, or the public, by manipulation of assets,
accounts, or reinsurance or by bad faith.
The OIR may not grant or continue authority to transact insurance to any insurer if any person, including any
subscriber, stockholder, or incorporator, who exercises or has the ability to exercise effective control of the
insurer, or who influences or has the ability to influence the transaction of the business of the insurer, does not
possess the financial standing and business experience for the successful operation of the insurer.26
An officer or director of an insurer who served in that capacity within the 2-year period before the date the insurer
became insolvent may not serve as an officer or director of an insurer authorized in this state or have direct or
indirect control over the selection or appointment of an officer or director through contract, trust, or by operation
of law, unless the officer or director demonstrates to the OIR that his or her personal actions or omissions were not
a significant contributing cause to the insolvency.27 This applies to any insolvency that occurs on or after July 1,
2002, but does not have a definite end date.
OTHER RESOURCES:
My Safe Florida Home
BILL HISTORY
STAFF
DIRECTOR/ ANALYSIS
COMMITTEE REFERENCE ACTION DATE POLICY CHIEF PREPARED BY
Insurance & Banking Hamon Herrera
Subcommittee
Budget Committee
Commerce Committee
26 S. 624.404(3)(b), F.S.
27 S. 624.4073, F.S.
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 1433 2025
1 A bill to be entitled
2 An act relating to hurricane mitigation grants and
3 insurers' regulations; amending s. 215.5586, F.S.;
4 revising legislative intent; specifying that hurricane
5 mitigation grants funded through the My Safe Florida
6 Home Program may be awarded only under certain
7 circumstances; requiring the Department of Financial
8 Services to require that certain mitigation
9 improvements be made as a condition of reimbursing a
10 homeowner approved for a grant; amending ss. 624.407
11 and 624.408, F.S.; increasing the surpluses required
12 for certain insurers applying for their original
13 certificates of authority and maintaining their
14 certificates of authority, respectively; amending s.
15 624.4073, F.S.; specifying prohibitions for persons
16 who were officers or directors of an insolvent
17 insurer, officers or directors of a managing general
18 agent of an insolvent insurer, attorneys in fact of an
19 insolvent reciprocal insurer, or officers or directors
20 of an attorney in fact of an insolvent reciprocal
21 insurer; providing applicability; requiring the Office
22 of Insurance Regulation to prohibit insurers or
23 reciprocal insurers from paying any compensation to
24 certain persons for certain violations until the
25 violations are remedied; providing an effective date.
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26
27 Be It Enacted by the Legislature of the State of Florida:
28
29 Section 1. Section 215.5586, Florida Statutes, is amended
30 to read:
31 215.5586 My Safe Florida Home Program.—There is
32 established within the Department of Financial Services the My
33 Safe Florida Home Program. The department shall provide fiscal
34 accountability, contract management, and strategic leadership
35 for the program, consistent with this section. This section does
36 not create an entitlement for property owners or obligate the
37 state in any way to fund the inspection or retrofitting of
38 residential property in this state. Implementation of this
39 program is subject to annual legislative appropriations. It is
40 the intent of the Legislature that, subject to the availability
41 of funds, the My Safe Florida Home Program provide licensed
42 inspectors to perform hurricane mitigation inspections of
43 eligible homes and grants to fund hurricane mitigation projects
44 that result in property insurance credits, discounts, or other
45 rate differentials on those homes. The department shall
46 implement the program in such a manner that the total amount of
47 funding requested by accepted applications, whether for
48 inspections, grants, or other services or assistance, does not
49 exceed the total amount of available funds. If, after
50 applications are processed and approved, funds remain available,
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51 the department may accept applications up to the available
52 amount. The program shall develop and implement a comprehensive
53 and coordinated approach for hurricane damage mitigation
54 pursuant to the requirements provided in this section.
55 (1) HURRICANE MITIGATION INSPECTIONS.—
56 (a) To be eligible for a hurricane mitigation inspection
57 under the program:
58 1. A home must be a single-family, detached residential
59 property or a townhouse as defined in s. 481.203;
60 2. A home must be site-built and owner-occupied; and
61 3. The homeowner must have been granted a homestead
62 exemption on the home under chapter 196.
63 (b)1. An application for a hurricane mitigation inspection
64 must contain a signed or electronically verified statement made
65 under penalty of perjury that the applicant has submitted only
66 one inspection application on the home or that the application
67 is allowed under subparagraph 2., and the application must have
68 documents attached which demonstrate that the applicant meets
69 the requirements of paragraph (a).
70 2. An applicant may submit a subsequent hurricane
71 mitigation inspection application for the same home only if:
72 a. The original hurricane mitigation inspection
73 application has been denied or withdrawn because of errors or
74 omissions in the application;
75 b. The original hurricane mitigation inspection
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76 application was denied or withdrawn because the home did not
77 meet the eligibility criteria for an inspection at the time of
78 the previous application, and the homeowner reasonably believes
79 the home now is eligible for an inspection; or
80 c. The program's eligibility requirements for an
81 inspection have changed since the original application date, and
82 the applicant reasonably believes the home is eligible under the
83 new requirements.
84 (c) An applicant meeting the requirements of paragraph (a)
85 may receive an inspection of a home under the program without
86 being eligible for a grant under subsection (2) or applying for
87 such grant.
88 (d) Licensed inspectors are to provide home inspections of
89 eligible homes to determine what mitigation measures are needed,
90 what insurance premium discounts may be available, and what
91 improvements to existing residential properties are needed to
92 reduce the property's vulnerability to hurricane damage. An
93 inspector may inspect a townhouse as defined in s. 481.203 to
94 determine if opening protection mitigation as listed in
95 subparagraph (2)(e)1. would provide improvements to mitigate
96 hurricane damage.
97 (e) The department shall contract with wind certification
98 entities to provide hurricane mitigation inspections. The
99 inspections provided to homeowners, at a minimum, must include:
100 1. A home inspection and report that summarizes the
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101 results and identifies recommended improvements a homeowner may
102 take to mitigate hurricane damage.
103 2. A range of cost estimates regarding the recommended
104 mitigation improvements.
105 3. Information regarding estimated premium discounts,
106 correlated to the current mitigation features and the
107 recommended mitigation improvements identified by the
108 inspection.
109 (f) To qualify for selection by the department as a wind
110 certification entity to provide hurricane mitigation
111 inspections, the entity must, at a minimum, meet the following
112 requirements:
113 1. Use hurricane mitigation inspectors who are licensed or
114 certified as:
115 a. A building inspector under s. 468.607;
116 b. A general, building, or residential contractor under s.
117 489.111;
118 c. A professional engineer under s. 471.015;
119 d. A professional architect under s. 481.213; or
120 e. A home inspector under s. 468.8314 and who have
121 completed at least 3 hours of hurricane mitigation training
122 approved by the Construction Industry Licensing Board, which
123 training must include hurricane mitigation techniques,
124 compliance with the uniform mitigation verification form, and
125 completion of a proficiency exam.
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126 2. Use hurricane mitigation inspectors who also have
127 undergone drug testing and a background screening. The
128 department may conduct criminal record checks of inspectors used
129 by wind certification entities. Inspectors must submit a set of
130 fingerprints to the department for state and national criminal
131 history checks and must pay the fingerprint processing fee set
132 forth in s. 624.501. The fingerprints must be sent by the
133 department to the Department of Law Enforcement and forwarded to
134 the Federal Bureau of Investigation for processing. The results
135 must be returned to the department for screening. The
136 fingerprints must be taken by a law enforcement agency,
137 designated examination center, or other department-approved
138 entity.
139 3. Provide a quality assurance program including a
140 reinspection component.
141 (2) HURRICANE MITIGATION GRANTS.—Financial grants shall be
142 used by homeowners to make improvements recommended by an
143 inspection which increase resistance to hurricane damage.
144 (a) A homeowner is eligible for a hurricane mitigation
145 grant if all of the following criteria are met:
146 1. The home must be eligible for an inspection under
147 subsection (1).
148 2. The home must be a dwelling with an insured value of
149 $700,000 or less. Homeowners who are low-income persons, as
150 defined in s. 420.0004(11), are exempt from this requirement.
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151 3. The home must undergo an acceptable hurricane
152 mitigation inspection as provided in subsection (1).
153 4. The building permit application for initial
154 construction of the home must have been made before January 1,
155 2008.
156 5. The homeowner must agree to make his or her home
157 available for inspection once a mitigation project is completed.
158 6. The homeowner must agree to provide to the department
159 information received from the homeowner's insurer identifying
160 the discounts realized by the homeowner because of the
161 mitigation improvements funded through the program.
162 (b)1. An application for a grant must contain a signed or
163 electronically verified statement made under penalty of perjury
164 that the applicant has submitted only one grant application or
165 that the application is allowed under subparagraph 2., and the
166 application must have documents attached demonstrating that the
167 applicant meets the requirements of paragraph (a).
168 2. An applicant may submit a subsequent grant application
169 if:
170 a. The original grant application was denied or withdrawn
171 because the application contained errors or omissions;
172 b. The original grant application was denied or withdrawn
173 because the home did not meet the eligibility criteria for a
174 grant at the time of the previous application, and the homeowner
175 reasonably believes that the home now is eligible for a grant;
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176 or
177 c. The program's eligibility requirements for a grant have
178 changed since the original application date, and the applicant
179 reasonably believes that he or she is an eligible homeowner
180 under the new requirements.
181 3. A grant application must include a statement from the
182 homeowner which contains the name and state license number of
183 the contractor that the homeowner acknowledges as the intended
184 contractor for the mitigation work. The program must
185 electronically verify that the contractor's state license number
186 is accurate and up to date before grant approval.
187 (c) All grants must be matched on the basis of $1 provided
188 by the applicant for $2 provided by the state up to a maximum
189 state contribution of $10,000 toward the actual cost of the
190 mitigation project, except as provided in paragraph (h).
191 (d) All hurricane mitigation performed under the program
192 must be based upon the securing of all required local permits
193 and inspections and must be performed by properly licensed
194 contractors.
195 (e) When recommended by a hurricane mitigation inspection,
196 grants for eligible homes may be used for the following
197 improvements:
198 1. Opening protection, including exterior doors, garage
199 doors, windows, and skylights.
200 2. Reinforcing roof-to-wall connections.
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201 3. Improving the strength of roof-deck attachments.
202 4. Secondary water resistance for roof.
203 (f) When recommended by a hurricane mitigation inspection,
204 grants for townhouses, as defined in s. 481.203, may only be
205 used for opening protection.
206 (g) A grant may be awarded only for each mitigation
207 improvement that, when applied to the home, will result in a
208 property insurance mitigation credit, discount, or other rate
209 differential. If necessary for the home to qualify for a
210 mitigation credit, discount, or other rate differential, the
211 department must may require that improvements be made to all
212 openings, including exterior doors, garage doors, windows, and
213 skylights, as a condition of reimbursing a homeowner approved
214 for a grant. The department may adopt, by rule, the maximum
215 grant allowances for any improvement allowable under paragraph
216 (e) or paragraph (f).
217 (h) Low-income homeowners, as defined in s. 420.0004(11),
218 who otherwise meet the applicable requirements of this
219 subsection are eligible for a grant of up to $10,000 and are not
220 required to provide a matching amount to receive the grant.
221 (i)1. The department shall develop a process that ensures
222 the most efficient means to collect and verify inspection
223 applications and grant applications to determine eligibility.
224 The department may direct hurricane mitigation inspectors to
225 collect and verify grant application information or use the
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226 Internet or other electronic means to collect information and
227 determine eligibility.
228 2. The department shall prioritize the review and approval
229 of such inspection applications and grant applications in the
230 following order:
231 a. First, applications from low-income persons, as defined
232 in s. 420.0004, who are at least 60 years old;
233 b. Second, applications from all other low-income persons,
234 as defined in s. 420.0004;
235 c. Third, applications from moderate-income persons, as
236 defined in s. 420.0004, who are at least 60 years old;
237 d. Fourth, applications from all other moderate-income
238 persons, as defined in s. 420.0004; and
239 e. Last, all other applications.
240 3. The department shall start accepting inspection
241 applications and grant applications no earlier than the
242 effective date of a legislative appropriation funding
243 inspections and grants, as follows:
244 a. Initially, from applicants prioritized under sub-
245 subparagraph 2.a.;
246 b. From applicants prioritized under sub-subparagraph
247 2.b., beginning 15 days after the program initially starts
248 accepting applications;
249 c. From applicants prioritized under sub-subparagraph
250 2.c., beginning 30 days after the program initially starts
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251 accepting applications;
252 d. From applicants described in sub-subparagraph 2.d.,
253 beginning 45 days after the program initially starts accepting
254 applications; and
255 e. From all other applicants, beginning 60 days after the
256 program initially starts accepting applications.
257 4. The program may accept a certification directly from a
258 low-income homeowner or moderate-income homeowner who meets the
259 requirements of s. 420.0004(11) or (12), respectively, if the
260 homeowner provides such certification in a signed or
261 electronically verified statement made under penalty of perjury.
262 (j) A homeowner who receives a grant shall finalize
263 construction and request a final inspection, or request an
264 extension for an additional 6 months, within 1 year after grant
265 approval. If a homeowner fails to comply with this paragraph,
266 his or her application is deemed abandoned and the grant money
267 reverts to the department.
268 (3) REQUESTS FOR INFORMATION.—The department may request
269 that an applicant provide additional information. An application
270 is deemed withdrawn by the applicant if the department does not
271 receive a response to its request for additional information
272 within 60 days after the notification of any apparent error or
273 omission.
274 (4) EDUCATION, CONSUMER AWARENESS, AND OUTREACH.—
275 (a) The department may undertake a statewide multimedia
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276 public outreach and advertising campaign to inform consumers of
277 the availability and benefits of hurricane inspections and of
278 the safety and financial benefits of residential hurricane
279 damage mitigation. The department may seek out and use local,
280 state, federal, and private funds to support the campaign.
281 (b) The program may develop brochures for distribution to
282 Citizens Property Insurance Corporation and other licensed
283 entities or nonprofits that work with the department to educate
284 the public on the benefits of the program. Citizens Property
285 Insurance Corporation must distribute the brochure to
286 policyholders of the corporation each year the program is
287 funded. The brochures may be made available electronically.
288 (5) FUNDING.—The department may seek out and leverage
289 local, state, federal, or private funds to enhance the financial
290 resources of the program.
291 (6) RULES.—The department shall adopt rules pursuant to
292 ss. 120.536(1) and 120.54 to govern the program; implement the
293 provisions of this section; including rules governing hurricane
294 mitigation inspections and grants, mitigation contractors, and
295 training of inspectors and contractors; and carry out the duties
296 of the department under this section.
297 (7) HURRICANE MITIGATION INSPECTOR LIST.—The department
298 shall develop and maintain as a public record a current list of
299 hurricane mitigation inspectors authorized to conduct hurricane
300 mitigation inspections pursuant to this section.
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301 (8) CONTRACT MANAGEMENT.—
302 (a) The department may contract with third parties for
303 grants management, inspection services, contractor services for
304 low-income homeowners, information technology, educational
305 outreach, and auditing services. Such contracts are considered
306 direct costs of the program and are not subject to
307 administrative cost limits. The department shall contract with
308 providers that have a demonstrated record of successful business
309 operations in areas directly related to the services to be
310 provided and shall ensure the highest accountability for use of
311 state funds, consistent with this section.
312 (b) The department shall implement a quality assurance and
313 reinspection program that determines whether initial inspections
314 and home improvements are completed in a manner consistent with
315 the intent of the program. The department may use valid random
316 sampling in order to perform the quality assurance portion of
317 the program.
318 (9) INTENT.—It is the intent of the Legislature that
319 grants made to residential property owners under this section
320 shall be considered disaster-relief assistance within the
321 meaning of s. 139 of the Internal Revenue Code of 1986, as
322 amended.
323 (10) REPORTS.—The department shall make an annual report
324 on the activities of the program that shall account for the use
325 of state funds and indicate the number of inspections requested,
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326 the number of inspections performed, the number of grant
327 applications received, the number and value of grants approved,
328 and the estimated average annual amount of insurance premium
329 discounts and total estimated annual amount of insurance premium
330 discounts homeowners received from insurers as a result of
331 mitigation funded through the program. The report must be
332 delivered to the President of the Senate and the Speaker of the
333 House of Representatives by February 1 of each year.
334 Section 2. Subsection (1) of section 624.407, Florida
335 Statutes, is amended to read:
336 624.407 Surplus required; new insurers.—
337 (1) To receive authority to transact any one kind or
338 combinations of kinds of insurance, as defined in part V of this
339 chapter, an insurer applying for its original certificate of
340 authority in this state shall possess surplus as to
341 policyholders at least the greater of:
342 (a) For a property and casualty insurer, $5 million, or
343 $2.5 million for any other insurer;
344 (b) For life insurers, 4 percent of the insurer's total
345 liabilities;
346 (c) For life and health insurers, 4 percent of the
347 insurer's total liabilities, plus 6 percent of the insurer's
348 liabilities relative to health insurance;
349 (d) For all insurers other than life insurers and life and
350 health insurers, 10 percent of the insurer's total liabilities;
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351 (e) Notwithstanding paragraph (a) or paragraph (d), for a
352 domestic insurer that transacts residential property insurance
353 and is:
354 1. Not a wholly owned subsidiary of an insurer domiciled
355 in any other state, $35 $15 million.
356 2. A wholly owned subsidiary of an insurer domiciled in
357 any other state, $50 million;
358 (f) Notwithstanding paragraphs (a), (d), and (e), for a
359 domestic insurer that only transacts limited sinkhole coverage
360 insurance for personal lines residential property pursuant to s.
361 627.7151, $12.5 $7.5 million; or
362 (g) Notwithstanding paragraphs (a), (d), and (e), for an
363 insurer that only transacts residential property insurance in
364 the form of renter's insurance, tenant's coverage, cooperative
365 unit owner insurance, or any combination thereof, $15 $10
366 million.
367 Section 3. Section 624.4073, Florida Statutes, is amended
368 to read:
369 624.4073 Officers and directors or attorneys in fact of
370 insolvent insurers.—
371 (1) Any person who was an officer or director of an
372 insurer doing business in this state and who served in that
373 capacity within the 2-year period before the date the insurer
374 became insolvent, for any insolvency that occurs on or after
375 July 1, 2002, but before July 1, 2025, may not thereafter serve
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376 as an officer or director of an insurer authorized in this state
377 or have direct or indirect control over the selection or
378 appointment of an officer or director through contract, trust,
379 or by operation of law, unless the officer or director
380 demonstrates that his or her personal actions or omissions were
381 not a significant contributing cause to the insolvency.
382 (2) Any person who was an officer or director of an
383 insurer doing business in this state, was the attorney in fact
384 of a reciprocal insurer doing business in this state, or was an
385 officer or director of an attorney in fact of a reciprocal
386 insurer doing business in this state and who served in that
387 capacity within the 5-year period before the date such insurer
388 or reciprocal insurer became insolvent, for any insolvency that
389 occurs on or after July 1, 2025, may not thereafter do any of
390 the following:
391 (a) Serve as an officer or a director of an insurer
392 authorized in this state.
393 (b) Serve as an officer or a director of a managing
394 general agent of an insurer authorized in this state.
395 (c) Serve as an attorney in fact or as an officer or a
396 director of the attorney in fact of a reciprocal insurer
397 authorized in this state.
398 (d) Serve as an officer or a director of an affiliate of
399 an insurer authorized in this state which provides services to
400 such insurer.
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401 (e) Exercise direct or indirect control through contract,
402 trust, or by operation of law over the selection or appointment
403 of any position specified in paragraphs (a)-(d).
404 (3)(a) The prohibitions in subsections (1) and (2) do not
405 apply if the officer, director, or attorney in fact
406 demonstrates, and the office determines, that his or her
407 personal actions or omissions were not a significant
408 contributing cause to the insolvency.
409 (b) For any violation of paragraph (2)(b), paragraph
410 (2)(c), or paragraph (2)(d), the office shall prohibit an
411 insurer or reciprocal insurer authorized in this state from
412 paying any compensation to a managing general agent, affiliate,
413 or attorney in fact that has an officer or director or is an
414 attorney in fact that engaged in such violation until the office
415 determines the violation has been remedied.
416 Section 4. Paragraphs (f) through (i) of subsection (1) of
417 section 624.408, Florida Statutes, are amended to read:
418 624.408 Surplus required; current insurers.—
419 (1) To maintain a certificate of authority to transact any
420 one kind or combinations of kinds of insurance, as defined in
421 part V of this chapter, an insurer in this state must at all
422 times maintain surplus as to policyholders at least the greater
423 of:
424 (f) For residential property insurers not holding a
425 certificate of authority before July 1, 2025 2011, $35 $15
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426 million.
427 (g) For residential property insurers holding a
428 certificate of authority before July 1, 2025 2011, and until
429 June 30, 2030 2016, $15 $5 million; on or after July 1, 2030
430 2016, and until June 30, 2035 2021, $25 $10 million; on or after
431 July 1, 2035 2021, $35 $15 million.
432 (h) Notwithstanding paragraphs (e), (f), and (g), for a
433 domestic insurer that only transacts limited sinkhole coverage
434 insurance for personal lines residential property pursuant to s.
435 627.7151:, $7.5 million.
436 1. For such an insurer that does not hold a certificate of
437 authority before July 1, 2025, $12.5 million.
438 2. For such an insurer holding a certificate of authority
439 before July 1, 2025, and until June 30, 2030, $7.5 million; on
440 or after July 1, 2030, and until June 30, 2035, $10 million; on
441 or after July 1, 2035, $12.5 million.
442 (i) Notwithstanding paragraphs (a), (d), and (e), for an
443 insurer that only transacts residential property insurance in
444 the form of renter's insurance, tenant's coverage, cooperative
445 unit owner insurance, or any combination thereof:, $10 million.
446 1. For such an insurer that does not hold a certificate of
447 authority before July 1, 2025, $15 million.
448 2. For such an insurer holding a certificate of authority
449 before July 1, 2025, and until June 30, 2030, $10 million; on or
450 after July 1, 2030, and until June 30, 2035, $12.5 million; on
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451 or after July 1, 2035, $15 million.
452
453 The office may reduce the surplus requirement in paragraphs (f)
454 and (g) if the insurer is not writing new business, has premiums
455 in force of less than $1 million per year in residential
456 property insurance, or is a mutual insurance company.
457 Section 5. This act shall take effect July 1, 2025.
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INSURANCE & BANKING SUBCOMMITTEE
HB 1433 by Rep. Benarroch
Hurricane Mitigation Grants and Insurers' Regulations
AMENDMENT SUMMARY
April 10, 2025
Amendment 1 by Rep. Benarroch (Line 456): The amendment:
• Prohibits the Office of Insurance Regulation (OIR) from requesting that an insurer waive
deemed approval for a residential property insurance rate filing that proposes a rate
decrease, unless the decrease is solely due to reduced coverage or policy form
changes.
• Prohibits the OIR from issuing a notice of intent to disapprove a rate filing that proposes
a rate decrease unless the review of the filing is finalized.
• Establishes a statutory framework governing the use of artificial intelligence in claims
handling.
COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No. HB 1433 (2025)
Amendment No.1
COMMITTEE/SUBCOMMITTEE ACTION
ADOPTED (Y/N)
ADOPTED AS AMENDED (Y/N)
ADOPTED W/O OBJECTION (Y/N)
FAILED TO ADOPT (Y/N)
WITHDRAWN (Y/N)
OTHER
1 Committee/Subcommittee hearing bill: Insurance & Banking
2 Subcommittee
3 Representative Benarroch offered the following:
4
5 Amendment (with title amendment)
6 Between lines 456 and 457, insert:
7 Section 5. Paragraph (a) of subsection (2) of section
8 627.062, Florida Statutes, is amended to read:
9 627.062 Rate standards.—
10 (2) As to all such classes of insurance:
11 (a) Insurers or rating organizations shall establish and
12 use rates, rating schedules, or rating manuals that allow the
13 insurer a reasonable rate of return on the classes of insurance
14 written in this state. A copy of rates, rating schedules, rating
15 manuals, premium credits or discount schedules, and surcharge
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COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No. HB 1433 (2025)
Amendment No.1
16 schedules, and changes thereto, must be filed with the office
17 under one of the following procedures:
18 1. If the filing is made at least 90 days before the
19 proposed effective date and is not implemented during the
20 office's review of the filing and any proceeding and judicial
21 review, such filing is considered a "file and use" filing. In
22 such case, the office shall finalize its review by issuance of a
23 notice of intent to approve or a notice of intent to disapprove
24 within 90 days after receipt of the filing. If the 90-day period
25 ends on a weekend or a holiday under s. 110.117(1)(a)-(i), it
26 must be extended until the conclusion of the next business day.
27 The notice of intent to approve and the notice of intent to
28 disapprove constitute agency action for purposes of the
29 Administrative Procedure Act. Requests for supporting
30 information, requests for mathematical or mechanical
31 corrections, or notifications notification to the insurer by the
32 office of its preliminary findings do does not toll the 90-day
33 period during any such proceedings and subsequent judicial
34 review. The rate is shall be deemed approved if the office does
35 not issue a notice of intent to approve or a notice of intent to
36 disapprove within 90 days after receipt of the filing. The
37 office may not request that an insurer waive such deemed
38 approval for any residential property insurance rate filing in
39 which the insurer proposes a rate decrease, provided that the
40 decrease is not solely due to a reduction in coverage or changes
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COMMITTEE/SUBCOMMITTEE AMENDMENT
Bill No. HB 1433 (2025)
Amendment No.1
41 to policy forms. The office may not issue a notice of intent to
42 disapprove a residential property insurance rate filing in which
43 the insurer proposes a rate decrease unless it has completed a
44 finalized review.
45 2. If the filing is not made in accordance with
46 subparagraph 1., such filing must be made as soon as
47 practicable, but within 30 days after the effective date, and is
48 considered a "use and file" filing. An insurer making a "use and
49 file" filing is potentially subject to an order by the office to
50 return to policyholders those portions of rates found to be
51 excessive, as provided in paragraph (h).
52 3. For all property insurance filings made or submitted
53 after January 25, 2007, but before May 1, 2012, an insurer
54 seeking a rate that is greater than the rate most recently
55 approved by the office shall make a "file and use" filing. For
56 purposes of this subparagraph, motor vehicle collision and
57 comprehensive coverages are not considered property coverages.
58
59 The provisions of this subsection do not apply to workers'
60 compensation, employer's liability insurance, and motor vehicle
61 insurance.
62 Section 6. Section 627.4263, Florida Statutes, is created
63 to read:
64 627.4263 Use of algorithms, artificial intelligence
65 systems, and machine learning systems in claims handling.—
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Bill No. HB 1433 (2025)
Amendment No.1
66 (1) As used in this section:
67 (a) "Algorithm" means a clearly specified mathematical
68 process for computation that uses rules designed to give
69 prescribed results.
70 (b) "Artificial intelligence system" means a machine-based
71 system that may have varying levels of autonomy and that can,
72 for a given set of objectives, generate outputs such as
73 predictions, recommendations, content, or other outputs
74 influencing decisions made in real or virtual environments.
75 (c) "Machine learning system" means an artificial
76 intelligence system that has the ability to learn from provided
77 data without being explicitly programmed.
78 (d) "Qualified human professional" means an individual
79 who, under the Florida Insurance Code, has authority to adjust
80 or deny a claim or a portion of a claim and has such authority
81 over a particular claim.
82 (2) An insurer may use an algorithm, artificial
83 intelligence system, or machine learning system to assist in
84 processing claims, including generating recommendations to
85 approve or deny a claim or any portion of a claim.
86 (3) A claim, or any portion of a claim, may not be denied
87 solely on the basis of output from an algorithm, artificial
88 intelligence system, or machine learning system. A final
89 decision to deny a claim or any portion of a claim must be made
90 and documented by a qualified human professional.
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Bill No. HB 1433 (2025)
Amendment No.1
91 (4) Before denying a claim or any portion of a claim, a
92 qualified human professional must:
93 (a) Independently analyze the facts of the claim and the
94 terms of the applicable insurance policy;
95 (b) Review and verify the accuracy of any outputs or
96 recommendations produced by any algorithm, artificial
97 intelligence system, or machine learning system used in the
98 claims process;
99 (c) Conduct any required internal review of a prior claim
100 adjustment or decision.
101 (5) An insurer must maintain detailed records related to
102 each claim denial, including:
103 (a) The name and title of the qualified human professional
104 who made the denial decision and of any qualified human
105 professional who reviewed the decision;
106 (b) The date and time of the claim denial and of any
107 review; and
108 (c) Documentation of the basis for denial of the claim or a
109 portion of the claim.
110 (6) Any written communication to a claimant concerning the
111 denial of a claim or any portion thereof must:
112 (a) Clearly identify the qualified human professional
113 responsible for the denial decision;
114 (b) Include a statement affirming that the claim or any
115 portion thereof was not denied solely based on the output of an
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Bill No. HB 1433 (2025)
Amendment No.1
116 algorithm, artificial intelligence system, or machine learning
117 system.
118 (7) An insurer that uses an algorithm, an artificial
119 intelligence system, or a machine learning system as part of its
120 claims handling process must detail in its claims handling
121 manual the manner in which such systems are used and the manner
122 in which the insurer complies with this section.
123 (8) The office may perform market conduct examinations,
124 perform investigations, or use any other lawful method necessary
125 to verify compliance with this section.
126
127 -----------------------------------------------------
128 T I T L E A M E N D M E N T
129 Remove line 25 and insert:
130 violations are remedied; amending s. 627.062, F.S.;
131 prohibiting the office from requesting an insurer
132 waive a deemed approval for residential property
133 insurance rate filing under certain circumstances;
134 prohibiting the office from issuing a notice of intent
135 to disapprove a residential property insurance rate
136 filing under certain circumstances; creating s.
137 627.4263, F.S.; defining terms; requiring that
138 insurers' decisions to deny claims be made by
139 qualified human professionals; specifying the duties
140 of qualified human professionals; requiring an insurer
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Bill No. HB 1433 (2025)
Amendment No.1
141 to maintain certain records; prohibiting using
142 artificial intelligence, machine learning systems, or
143 algorithms as the sole basis for determining whether
144 to deny a claim; requiring insurers to include certain
145 information in denial communications to claimants;
146 requiring that certain insurers detail certain
147 information in its claims handling manual; authorizing
148 the office to conduct market conduct examinations and
149 investigations under certain circumstances; providing
150 an effective date.
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HB 7011
FLORIDA HOUSE OF REPRESENTATIVES
BILL ANALYSIS
This bill analysis was prepared by nonpartisan committee staff and does not constitute an official statement of legislative intent.
BILL #: HB 7011 PCB GOS 25-06 COMPANION BILL: CS/SB 7010 (Sharief)
TITLE: OGSR/Records of Insurers/Department of LINKED BILLS: None
Financial Services RELATED BILLS: None
SPONSOR(S): Government Operations Subcommittee,
Gentry
Committee References
Orig. Comm.: Government Insurance & Banking State Affairs
Operations
17 Y, 0 N
SUMMARY
Effect of the Bill:
The bill narrows the public record exemption for certain information made or received by the Department of
Financial Services (DFS) while acting as a receiver of insolvent insurers to include only consumer information,
certain personnel information, and information received from the National Association of Insurance
Commissioners or a government entity. The bill also removes the scheduled repeal date, created pursuant to the
Open Government Sunset Review Act, for the public record exemption.
Fiscal or Economic Impact:
None.
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
ANALYSIS
EFFECT OF THE BILL:
The bill narrows the public record exemption for certain information made or received by the Department of
Financial Services (DFS) while acting as a receiver of insolvent insurers to include only the following records:
All personal financial and health information of a consumer.
Personnel and payroll records of the insurer (except for the names, benefits, and compensation of
executive officers).
Consumer claim files.
Information received from the National Association of Insurance Commissioners, a governmental entity in
this or another state, the Federal Government, or a government of another nation that is confidential or
exempt if held by that entity and that is held by DFS for use in the performance of its duties related to
insurer insolvency. (Section 1).
The following categories of information made or received by DFS while acting as a receiver of insolvent insurers
that are currently protected from disclosure would now, on a prospective basis, be open to the public:
Underwriting files of a type customarily maintained by an insurer transacting lines of insurance similar to
those lines transacted by the insurer.
Own-Risk and Solvency Assessment summary reports.
Corporate Governance Annual Disclosures.
The names, benefits, and compensation of executive officers. (Section 1).
The bill removes the scheduled repeal date of the exemption, created pursuant to the Open Government Sunset
Review Act (OGSR Act). The public record exemption will repeal on October 2, 2025, if the bill does not become
law. (Section 1).
STORAGE NAME: h7011.IBS
DATE: 4/8/2025
1
The effective date of the bill is July 1, 2025. (Section 2).
RELEVANT INFORMATION
SUBJECT OVERVIEW:
Open Government Sunset Review Act
The OGSR Act1 sets forth a legislative review process for newly created or substantially amended public record or
public meeting exemptions. It requires an automatic repeal of the exemption on October 2nd of the fifth year after
creation or substantial amendment, unless the Legislature reenacts the exemption.2
The OGSR Act provides that a public record or public meeting exemption may be created or maintained only if it
serves an identifiable public purpose. In addition, it may be no broader than is necessary to meet one of the
following purposes:
Allow the state or its political subdivisions to effectively and efficiently administer a governmental
program, which administration would be significantly impaired without the exemption.
Protect sensitive personal information that, if released, would be defamatory or would jeopardize an
individual’s safety; however, only the identity of an individual may be exempted under this provision.
Protect trade or business secrets.3
If, and only if, in reenacting an exemption that will repeal, the exemption is expanded, then a public necessity
statement and a two-thirds vote for passage are required.4 If the exemption is reenacted with grammatical or
stylistic changes that do not expand the exemption, if the exemption is narrowed, or if an exception to the
exemption is created, then a public necessity statement and a two-thirds vote for passage are not required.
Regulation of Insurance in Florida: Solvency Regulation
The regulatory oversight of insurance companies is generally reserved to the states. In Florida, the Office of
Insurance Regulation (OIR), administratively housed within the Department of Financial Services (DFS), oversees
insurers and other risk-bearing entities. OIR’s regulatory oversight includes responsibilities related to licensing,
rates, policy forms, market conduct, claims, solvency, and premium financing. Solvency regulation aims to protect
policyholders by ensuring that insurers can meet their financial obligations, particularly the payment of claims.
Solvency regulations encompass initial and ongoing requirements that an insurer must meet for it to have the
authority to operate in this state. Moreover, solvency regulations allow OIR to monitor an insurer’s financial health
through examinations and audits. If an insurer is found to be financially unsound or insolvent, current law provides
procedures for the rehabilitation or liquidation of those insurers.5
National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is a U.S. standard-setting and regulatory support
organization governed by state insurance regulators. Through the NAIC, state insurance regulators establish
standards and best practices, conduct peer reviews, and coordinate their regulatory oversight.6 As a member of the
NAIC, OIR is required to participate in the organization’s Financial Regulation Standards and Accreditation
Program.7 NAIC accreditation certifies that a state insurance department meets legal, regulatory, and
organizational oversight standards to ensure sound financial solvency regulation of insurers.
The NAIC has adopted insurance model acts that give state insurance regulators like OIR solvency regulatory tools,
such as the Own-Risk and Solvency Assessment (ORSA) and the Corporate Governance Annual Disclosure (CGAD).8
1 S. 119.15, F.S.
2 S. 119.15(3), F.S.
3 S. 119.15(6)(b), F.S.
4 Art. I, s. 24(c), FLA. CONST.
5 See ch. 631, F.S.
6 See NAIC, About the NAIC (last visited Feb. 5, 2025).
7 See NAIC, Financial Regulation Standards and Accreditation Program (last visited Feb. 5, 2025).
8 See s. 628.8015, F.S.
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Own-Risk and Solvency Assessment
An Own-Risk and Solvency Assessment (ORSA)9 is an internal evaluation conducted by an insurer or insurance
group to assess the material and relevant risks associated with its business plan and determine whether its capital
resources are sufficient to support those risks. NAIC developed the ORSA Model Act, which requires insurers to
submit an ORSA report to the regulatory entity of their state. To ensure uniform adoption, the NAIC made
compliance with the ORSA Model Act an accreditation requirement for member states by 2018. In 2016, the
Legislature adopted major components of the ORSA Model Act.10 Pursuant to this legislation, insurers are required
to conduct an ORSA at least annually or whenever there are significant changes to their risk profile.11 They must
also maintain a risk management framework to identify, assess, monitor, manage, and report on material risks.
Additionally, insurers must file an annual ORSA summary report with OIR, which must include a brief description
of material changes and updates from the prior year’s report. The report must be signed by the chief risk officer or
chief executive officer responsible for overseeing the enterprise risk management process and prepared in
accordance with the NAIC ORSA Guidance Manual. Insurers are also required to maintain supporting
documentation and make it available for examination by OIR.12
Corporate Governance Annual Disclosure
The NAIC also created the Corporate Governance Model Act to provide insurance regulators with sufficient
information on insurer governance structures, practices, and processes through a corporate governance annual
disclosure, known as the CGAD.13 In 2016, the Legislature mandated that insurers submit CGADs to OIR by June 1
of each year.14 The CGAD must describe the:
Corporate governance framework and structure of the insurer or insurance group.
Policies and practices of the most senior governing entity and significant committees.
Policies and practices for directing senior management.
Processes by which the board, its committees, and senior management ensure an appropriate amount of
oversight to the critical risk areas that have an impact on the insurer’s business activities.15
The chief executive officer or corporate secretary of the insurer or insurance group must sign the CGAD attesting
that, to the best of his or her knowledge and belief, the insurer has implemented the corporate governance
practices and provided a copy of the disclosure to the board of directors or the appropriate board committee.16
Consumer Personal Financial and Health Information
Insurance companies routinely possess records of policyholders and claimants during the normal course of
business which include personal, private financial and medical information. If such records are made available, it is
usually through confidentiality agreements or court orders, and with reference to certain state and federal
privileges and confidentiality laws and regulations.
Transfer of Records upon Delinquency Proceedings
OIR is responsible for examining the affairs, transactions, accounts, records, and assets of each authorized
insurer.17 In the event that OIR determines that one or more grounds for the initiation of delinquency proceedings
against an insurer exist, such as insolvency,18 the Insurers Rehabilitation and Liquidation Act19 requires the
Director of OIR to notify DFS of that determination and to provide DFS with all necessary documentation and
evidence, thereby enabling DFS to initiate the delinquency proceeding.20 This documentation and evidence may
9 S. 628.8015(1)(d), F.S.
10 Ch. 2016-206, L.O.F.
11 S. 628.8015(2), F.S.
12 Id.
13 S. 628.8015(1)(a), F.S., defines CGAD to mean a report filed by an insurer or insurance group in accordance with s. 628.8015, F.S.
14 Ch. 2016-206, L.O.F.
15 S. 628.8015(3)(c)4., F.S.
16 S. 628.8015(3)(b)2., F.S.
17 S. 624.316(1)(a), F.S.
18 “Insolvency” means that all the assets of the insurer, if made immediately available, would not be sufficient to discharge all its liabilities or
that the insurer is unable to pay its debts as they become due in the usual course of business. Depending on the context, insolvency also
includes and is defined as “impairment of capital” and “impairment of surplus” as defined in s. 631.011(12) and (13), F.S., respectively. S.
631.011(14), F.S.
19 Ch. 631, part I, F.S.
20 S. 631.031(1), F.S.
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include confidential and sensitive information. In addition, when DFS is appointed as receiver of an insurer during
the course of a delinquency proceeding, current law expressly vests DFS with the title to all property of the insurer,
including all books and records.21
Public Record Exemptions for Solvent Insurers
Current law provides the following information held by OIR relating to solvent insurers is confidential and
exempt22 from public record requirements:
Proprietary business information contained in certain documents such as the actuarial opinion summary,
principle-based valuation report, enterprise risk report, and insurance holding company registration;
ORSA summary reports, or a substantially similar ORSA report, and supporting documents;
CGADs and supporting documents;
Information received from NAIC, a governmental entity in this or another state, the federal government, or
a government of another nation which is confidential and exempt if held by that entity.23
In addition, personal financial and health information24 held by DFS or OIR relating to a consumer’s complaint or
inquiry regarding a matter or activity regulated under the Florida Insurance Code or Florida’s Workers’
Compensation Law is confidential and exempt from public record requirements.25
Public Record Exemption under Review
In 2020, the Legislature created a public record exemption for certain information relating to insolvent insurers
that is similar to the public record exemption for solvent insurers.26 Specifically, the following information made or
received by DFS while acting as receiver is confidential and exempt from public record requirements:
All personal financial and health information of a consumer.
Underwriting files of a type customarily maintained by an insurer transacting lines of insurance similar to
those lines transacted by the insurer.
Personnel and payroll records of the insurer.
Consumer claim files.
ORSA summary reports, substantially similar ORSA summary reports, and supporting documents.
CGADs and supporting documents.
Information received from NAIC, a governmental entity in this or another state, the federal government, or
a government of another nation which is confidential and exempt if held by that entity.27
21 S. 631.141(1) and (2), F.S.
22 There is a difference between records the Legislature designates exempt from public record requirements and those the Legislature
designates confidential and exempt. A record classified as exempt from public disclosure may be disclosed under certain circumstances. See
WFTV, Inc. v. Sch. Bd. of Seminole, 874 So.2d 48, 53 (Fla. 5th DCA 2004), review denied, 892 So.2d 1015 (Fla. 2004); State v. Wooten, 260 So. 3d
1060, 1070 (Fla. 4th DCA 2018); City of Rivera Beach v. Barfield, 642 So.2d 1135 (Fla. 4th DCA 1994); Williams v. City of Minneola, 575 So.2d
683, 687 (Fla. 5th DCA 1991). If the Legislature designates a record as confidential and exempt from public disclosure, such record may not
be released by the custodian of public records to anyone other than the persons or entities specifically designated in statute. See Op. Att’y
Gen. Fla. 04-09 (2004).
23 S. 624.4212(2)-(4), F.S. OIR may disclose the foregoing confidential and exempt information if the applicable insurer gives prior written
consent; pursuant to a court order; to the Actuarial Board for Counseling and Discipline under specified conditions; to other states, federal
and international agencies, the Office of Insurance Consumer Advocate, NAIC and its affiliated subsidiaries, and state, federal, and
international law enforcement authorities; or in the aggregate if the identities of the insurers, or persons or affiliated persons, are not
revealed. S. 624.4212(5), F.S.
24S. 624.23(1)(b), F.S.
25 S. 624.23(2), F.S. The foregoing confidential and exempt information may be disclosed to another governmental entity, if disclosure is
necessary for the receiving entity to perform its duties and responsibilities; NAIC; the consumer. S. 624.23(3), F.S.
26 Ch. 2020-142, L.O.F.
27 S. 631.195(2), F.S.
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The confidential and exempt information may be released:
To any state or federal agency, upon written request, if disclosure is necessary for the receiving entity to
perform its duties and responsibilities.
To comply with a civil, criminal, or regulatory investigation or a subpoena or summons by a federal, state,
or local authority.
To NAIC and its affiliates and subsidiaries, if the recipient agrees in writing to maintain its confidential and
exempt status.
To the guaranty associations and funds of the various states which are receiving, adjudicating, and paying
claims of the insolvent insurer subject to delinquency proceedings.
To certain employees whose responsibilities include the investigation and disposition of claims relating to
suspected fraudulent insurance acts upon written request.
In the case of personal financial and health information, upon written request of the consumer or the
consumer’s legally authorized representative.28
In 2020, the public necessity statement29 for the public record exemption provided, in part, that:
Disclosure of financial, health, underwriting, personnel, payroll, or consumer claim
information would create the opportunity for theft or fraud, thereby jeopardizing the
financial security of a person. . . Divulging the ORSA summary report, substantially
similar ORSA summary report, and supporting documents will injure the insurer or
insurance group by providing competitors with detailed insight into their financial
position, risk management strategies, business plans, pricing and marketing
strategies, management systems, and operational protocols. . . Release of the
corporate governance annual disclosure and supporting documents will injure the
insurer or insurance group in the marketplace by providing competitors with the
insurer's or the insurance group's confidential business information.30
Pursuant to the OGSR Act, the exemption will repeal on October 2, 2025, unless reenacted by the Legislature.31
During the 2024 interim, House and Senate committee staff met jointly with staff from DFS to discuss the public
record exemption under review. DFS staff indicated that they had not had any difficulty interpreting or applying
the exemption and were unaware of any litigation concerning the exemption. DFS staff noted the continued
necessity for the exemption and recommended the exemption be reenacted as is.
BILL HISTORY
STAFF
DIRECTOR/ ANALYSIS
COMMITTEE REFERENCE ACTION DATE POLICY CHIEF PREPARED BY
Orig. Comm.: Government 17 Y, 0 N 3/18/2025 Toliver Villa
Operations Subcommittee
Insurance & Banking Hamon Herrera
Subcommittee
State Affairs Committee
28 S. 631.195(4), F.S.
29 Art. I, s. 24(c), FLA. CONST., requires each public record exemption to “state with specificity the public necessity justifying the exemption.”
30 Ch. 2020-142, L.O.F.
31 S. 631.195(5), F.S.
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
HB 7011 2025
1 A bill to be entitled
2 An act relating to a review under the Open Government
3 Sunset Review Act; amending s. 631.195, F.S., which
4 provides an exemption from public record requirements
5 for certain records made or received by the Department
6 of Financial Services acting as receiver pursuant to
7 specified provisions; revising the list of records
8 that are exempt from public records requirements;
9 removing the scheduled repeal of the exemption;
10 providing an effective date.
11
12 Be It Enacted by the Legislature of the State of Florida:
13
14 Section 1. Section 631.195, Florida Statutes, is amended
15 to read:
16 631.195 Records of insurers; public records exemptions.—
17 (1) As used in this section, the term:
18 (a) "Consumer" means a prospective purchaser of, a
19 purchaser of, a beneficiary of, or an applicant for any
20 insurance product or service. The term also includes a family
21 member or dependent of such person.
22 (b) "Personal financial and health information" means:
23 1. A consumer's personal health condition, disease, or
24 injury;
25 2. A history of a consumer's personal medical diagnosis or
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26 treatment;
27 3. The existence, nature, source, or amount of a
28 consumer's personal income or expenses;
29 4. Records of, or relating to, a consumer's personal
30 financial transactions of any kind;
31 5. The existence, identification, nature, or value of a
32 consumer's assets, liabilities, or net worth;
33 6. The existence or content of, or any individual coverage
34 or status under a consumer's beneficial interest in, any
35 insurance policy or annuity contract; or
36 7. The existence, identification, nature, or value of a
37 consumer's interest in any insurance policy, annuity contract,
38 or trust.
39 (2) The following records, in whatever form, of an insurer
40 which are made or received by the department, acting as receiver
41 pursuant to this chapter, are confidential and exempt from s.
42 119.07(1) and s. 24(a), Art. I of the State Constitution:
43 (a) All personal financial and health information of a
44 consumer.
45 (b) Underwriting files of a type customarily maintained by
46 an insurer transacting lines of insurance similar to those lines
47 transacted by the insurer.
48 (b)(c) Personnel and payroll records of the insurer,
49 except for the names, benefits, and compensation of executive
50 officers.
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51 (c)(d) Consumer claim files.
52 (e) An own-risk and solvency assessment (ORSA) summary
53 report, a substantially similar ORSA summary report, and
54 supporting documents submitted to the office pursuant to s.
55 628.8015.
56 (f) A corporate governance annual disclosure and
57 supporting documents submitted to the office pursuant to s.
58 628.8015.
59 (d)(g) Information received from the National Association
60 of Insurance Commissioners, a governmental entity in this or
61 another state, the Federal Government, or a government of
62 another nation which is confidential or exempt if held by that
63 entity and which is held by the department for use in the
64 performance of its duties relating to insurer solvency.
65 (3) The exemptions in subsection (2) apply to records held
66 by the department before, on, and after July 1, 2020.
67 (4) Records or portions of records made confidential and
68 exempt by this section may be released under any of the
69 following circumstances:
70 (a) To any state or federal agency, upon written request,
71 if disclosure is necessary for the receiving entity to perform
72 its duties and responsibilities. The receiving agency shall
73 maintain the confidential and exempt status of such record or
74 portion of such record.
75 (b) To comply with a properly authorized civil, criminal,
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76 or regulatory investigation or a subpoena or summons by a
77 federal, state, or local authority.
78 (c) To the National Association of Insurance Commissioners
79 and its affiliates and subsidiaries, if the recipient agrees in
80 writing to maintain the confidential and exempt status of the
81 records.
82 (d) To the guaranty associations and funds of the various
83 states which are receiving, adjudicating, and paying claims of
84 the insolvent insurer subject to delinquency proceedings
85 pursuant to this chapter. The receiving guaranty association
86 shall maintain the confidential and exempt status of such record
87 or portion of such record.
88 (e) Upon written request, to persons identified as
89 designated employees as described in s. 626.989(4)(d), whose
90 responsibilities include the investigation and disposition of
91 claims relating to suspected fraudulent insurance acts.
92 (f) In the case of personal financial and health
93 information of a consumer, upon written request of the consumer
94 or the consumer's legally authorized representative.
95 (5) This section is subject to the Open Government Sunset
96 Review Act in accordance with s. 119.15 and shall stand repealed
97 on October 2, 2025, unless reviewed and saved from repeal
98 through reenactment by the Legislature.
99 Section 2. This act shall take effect July 1, 2025.
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