The Florida Senate

624.40851  Confidentiality of risk-based capital information.--

(1)  The initial risk-based capital report made, furnished, or filed with the Department of Insurance, any risk-based capital plan, revised risk-based capital plan, adjusted risk-based capital report, and working papers and reports of examination or analysis of an insurer performed pursuant to a plan or corrective order, or regulatory action level, subsequently filed at the request of the department, with respect to any domestic insurer or foreign insurer, and transcripts of hearings conducted pursuant to this section, are confidential and exempt from s. 119.07(1) and s. 24(a), Art. I of the State Constitution.

(2)  Proceedings and hearings conducted pursuant to ¹section 1 of SB 620, section 1 of HB 1943, or section 1 of SB 898 relating to the department's actions regarding any insurer's risk-based capital plan, revised risk-based capital plan, risk-based capital report or adjusted risk-based capital report, are exempt from the provisions of s. 286.011 and s. 24(b), Art. I of the State Constitution, except as otherwise provided in this section. All portions of such hearings or proceedings shall be recorded by a court reporter. The Department of Insurance shall open such proceedings or hearings or provide a copy of the transcript of such hearings or proceedings, or disclose the contents of notices, correspondence, reports, records, or other information to a department, agency, or instrumentality of this or another state or of the United States if the department determines the disclosure is necessary or proper for the enforcement of the laws of the United States or of this or another state.

(3)  This section does not apply to proceedings, hearings, notices, correspondence, reports, records, or other information obtained upon the appointment of a receiver for the insurer by a court of competent jurisdiction.

(4)  The exemptions provided by this section shall terminate:

(a)  One year following the conclusion of any risk-based capital plan or revised risk-based capital plan; or

(b)  On the date of entry of an order of seizure, rehabilitation, or liquidation pursuant to chapter 631.

(5)  This section is subject to the Open Government Sunset Review Act of 1995 in accordance with s. 119.15 and shall stand repealed on October 2, 2002, unless reviewed and saved from repeal through reenactment by the Legislature.

History.--s. 1, ch. 97-293.

¹Note.--Senate Bills 620 and 898 and House Bill 1943 did not become law during the 1997 legislative session; however, Senate Bill 840 (ch. 97-292) relating to the same subject did become law.