SB 1656 Florida Senate · 2025 Regular Session

Insurance Regulations

Summary

Insurance Regulations; Providing that the Chief Financial Officer is the agent for service of process on health maintenance organizations; authorizing the Department of Law Enforcement to exchange certain records with the Office of Insurance Regulation; deleting certain provisions relating to credits allowed in specified reinsurance circumstances and relating to assuming insurers’ accreditations; prohibiting personal residential property insurers from submitting more than two use and file filings under certain circumstances; requiring that certain rate filings with the office from residential property insurers include rate transparency reports, etc.

Bill status died 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 10, 2025 Last action Jun 16, 2025

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What changed between versions

S 1656 Filed → S 1656 c1 · 8 edits

MODERATE

This bill significantly expands the Office of Insurance Regulation's authority to oversee insurance companies, including new fingerprinting requirements for applicants, stricter rate filing limits, and enhanced transparency for consumers. It also creates new reporting requirements for residential property insurers and modifies rules for reciprocal insurers and continuing care facilities.

Scope change

The bill expands the scope of regulation to include fingerprinting requirements for a broader range of insurance applicants and extends service of process provisions to health maintenance organizations.

REQUIREMENT

Requires the Department of Law Enforcement to accept fingerprints from insurance applicants and conduct background checks, with costs borne by applicants.

Mandates rate transparency reports for residential property rate filings starting October 1, 2025, showing how rates are calculated.

Creates a new database for hurricane mitigation inspection forms managed by the Office of Insurance Regulation.

Requires reciprocal insurers to provide documentation showing affiliate fees are fair and reasonable.

Establishes new reporting requirements for residential property insurers starting March 1, 2026.

Changes continuing care facility management company requirements and removes triplicate filing requirements for certain insurance documents.

ELIGIBILITY

Limits personal residential property insurers to two "use and file" rate filings per policy period, down from one.

DEFINITION

Reduces the minimum surplus requirement for domestic reciprocal insurers from $3 million to $250,000.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 19, 2025

Upper · Passed

Now in Appropriations Committee on Agriculture, Environment, and General Government

upper

Mar 19, 2025

Upper · Passed

Pending reference review under Rule 4.7(2) - (Committee Substitute)

upper

Mar 12, 2025

Upper · Passed

On Committee agenda-- Banking and Insurance, 03/17/25, 1:30 pm, 412 Knott Building

upper

Mar 10, 2025

Introduced

upper

Mar 7, 2025

Committee

Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Rules

upper

1 primary · 0 co-sponsors