2021 Florida Statutes (Including 2021B Session)
Department; annual report.
Department; annual report.
624.315 Department; annual report.—
(1) As early as reasonably possible, the office, with such assistance from the department as requested, shall annually prepare a report to the Speaker and Minority Leader of the House of Representatives, the President and Minority Leader of the Senate, the chairs of the legislative committees with jurisdiction over matters of insurance, and the Governor showing, with respect to the preceding calendar year:
(a) Names of the authorized insurers transacting insurance in this state, with abstracts of their financial statements including assets, liabilities, and net worth.
(b) Names of insurers whose business was closed during the year, the cause thereof, and amounts of assets and liabilities as ascertainable.
(c) Names of insurers against which delinquency or similar proceedings were instituted, and a concise statement of the circumstances and results of each such proceeding.
(d) The receipts and estimated expenses of the office for the year.
(e) Such other pertinent information and matters as the office deems to be in the public interest.
(f) Annually after each regular session of the Legislature, a compilation of the laws of this state relating to insurance. Any such publication may be printed, revised, or reprinted upon the basis of the original low bid.
(g) An analysis and summary report of the state of the insurance industry in this state evaluated as of the end of the most recent calendar year.
(2) The office shall maintain the following information and make such information available upon request:
(a) Calendar year profitability, including investment income from policyholders’ unearned premium and loss reserves (Florida and countrywide).
(b) Aggregate Florida loss reserves.
(c) Premiums written (Florida and countrywide).
(d) Premiums earned (Florida and countrywide).
(e) Incurred losses (Florida and countrywide).
(f) Paid losses (Florida and countrywide).
(g) Allocated Florida loss adjustment expenses.
(h) Renewal ratio (countrywide).
(i) Variation of premiums charged by the industry as compared to rates promulgated by the Insurance Services Office (Florida and countrywide).
(j) An analysis of policy size limits (Florida and countrywide).
(k) Insureds’ selection of claims-made versus occurrence coverage (Florida and countrywide).
(l) A subreport on the involuntary market in Florida encompassing such joint underwriting plans and assigned risk plans operating in the state.
(m) A subreport providing information relevant to emerging markets and alternate marketing mechanisms, such as self-insured trusts, risk retention groups, purchasing groups, and the excess-surplus lines market.
(n) Trends; emerging trends as exemplified by the percentage change in frequency and severity of both paid and incurred claims, and pure premium (Florida and countrywide).
(o) Fast track loss ratios as defined and assimilated by the Insurance Services Office (Florida and countrywide).
(3) The office may contract with outside vendors, in accordance with chapter 287, to compile data in an electronic data processing format that is compatible with the systems of the office.
(4) When aggregate information includes information asserted as trade secret information, the office may include the trade secret information in the report required under subsection (1) or may make the trade secret information available under subsection (2) unless the trade secret information can be individually extrapolated, in which case the trade secret information remains protected as provided under s. 624.4213.
History.—s. 30, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 13, ch. 77-468; ss. 2, 3, ch. 81-318; ss. 25, 37, 809(1st), ch. 82-243; s. 5, ch. 82-386; s. 1, ch. 88-390; s. 1, ch. 90-119; ss. 7, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 178, ch. 97-102; s. 769, ch. 2003-261; s. 6, ch. 2020-63.