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SB 1262 — Public Records and Meetings/Insurance Flood Loss Model

by Senator Brandes

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Banking and Insurance Committee (BI)

The bill makes confidential and exempt from s. 119.07(1), F.S., and s. 24(a), Art. I of the State

Constitution trade secrets used in designing and constructing flood loss models that are provided to the Florida Commission on Hurricane Loss Projection Methodology, the Office of Insurance Regulation, or the consumer advocate under s. 627.0628, F.S. The bill also makes exempt any portion of a meeting by the methodology commission or a rate filing by an insurer in which trade secrets pertaining to flood loss models are discussed. 

The bill is subject to the Open Government Sunset Review Act in accordance with s. 119.15, F.S., and shall stand repealed on October 2, 2019, unless reviewed and saved from repeal through reenactment by the Legislature.

If approved by the Governor, these provisions take effect upon becoming law if SB 542, or similar legislation, is adopted in the same legislative session or an extension thereof and becomes a law.

Vote: Senate 37-0; House 101-8