Florida lawmakers push for transparency in insurance records

Florida lawmakers are moving to make records about failed insurance companies public again. This comes after a law was passed in 2020 that kept certain details secret. These details included information about executive pay, company governance, and risk assessments. The goal is to provide more transparency about why some insurers go out of business. A House committee recently approved a bill to repeal some previous exemptions. This means that key documents like insurers' risk assessments and underwriting files could soon be accessible to the public. Representative Linda Chaney emphasized the importance of transparency for the integrity of the insurance market. The earlier law was passed during a turbulent time for Florida’s insurance industry. It aimed to protect sensitive information, including consumers' claims data, by making it exempt from public records requests. Critics, including Senator Joe Gruters, argue that keeping information secret puts taxpayers at risk. He called for more transparency, saying it is vital for public interest. Under the new bill, while most employee files will remain secret, records about executives will be available for inspection. The Chief Financial Officer supports this move, stating it is crucial to balance public transparency with protecting personal information for policyholders. The Senate is also considering its own legislation regarding these records. They are looking to narrow exemptions further as discussions continue.