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34th Legislature (2025-2026) Introduced by Jesse Bjorkman

SB 30 empowers a consumer advocate to challenge property insurance rate hikes, limits increases to 10%, and ensures timely reviews, protecting consumers from excessive costs.

(S) Minutes (SFIN)

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Summary of SB 30: Rate Filings for Property Insurers

Bill Information:
- Bill Number: SB 30
- Title: Rate Filings for Property Insurers
- Status: Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
- Introduced: September 08, 2025
- Sponsor: Senator Sharief
- Effective Date: July 1, 2026

Purpose and Intent

SB 30 aims to amend existing Florida statutes regarding rate filings for property insurers. The bill seeks to enhance the powers of the consumer advocate, streamline the rate approval process, and impose stricter limits on rate increases. This legislation is intended to protect consumers from excessive insurance rates and ensure a fair regulatory environment for property insurers.

Key Provisions

Consumer Advocate Powers:

The Chief Financial Officer will appoint a consumer advocate to represent the public in insurance matters.
The consumer advocate will have the authority to:
- Request administrative hearings to challenge rate filings.
- Administer oaths and issue subpoenas for evidence related to investigations.
- Seek court orders for compliance with subpoenas, with penalties for non-compliance.

Rate Filing Procedures:

Insurers must file rate schedules with the Office of Insurance Regulation (OIR) at least 90 days before the proposed effective date for them to be considered “file and use.”
If the OIR does not issue a notice of intent to approve or disapprove within 90 days, the rate is automatically approved.
New restrictions will prevent the OIR from approving any property insurance rate that exceeds 10% above the highest rate approved in the past 12 months. Cumulative increases across multiple filings are capped at 15%.

Expedited Hearing and Review:

If an administrative hearing is requested, it must be expedited, with hearings commencing within 30 days and a recommended order issued within 30 days of the hearing.
Parties can submit exceptions to the recommended order within 10 days, and the OIR must issue a final order within 30 days thereafter.
The bill allows for expedited appellate review of final orders, emphasizing the need for timely resolution.

Impact

Consumers: The bill is designed to protect consumers from excessive rate increases, ensuring that any proposed rates are justified and within reasonable limits.

Insurers: Property insurers will face stricter scrutiny regarding rate increases, which may impact their pricing strategies and profitability.

Regulatory Bodies: The OIR will have enhanced responsibilities and timelines to adhere to, potentially increasing their workload.

Procedural Aspects

The bill has been referred to multiple committees for review, indicating a thorough legislative process ahead.

The effective date of the provisions is set for July 1, 2026, allowing time for implementation and adjustment by insurers and regulatory bodies.

In summary, SB 30 represents a significant shift in how property insurance rates are regulated in Florida, aiming to balance consumer protection with the operational needs of insurers.