Subcommittee advances bill requiring plain-language insurer rate explanations
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Summary
The State Administration Budget Subcommittee reported HB 767 favorably after sponsor Representative Ben Roach said the bill would require insurers to include a consumer-facing transparency report explaining in percentage terms the major factors behind rate changes; the Office of Insurance Regulation would review the disclosure but would not be approving rates.
Representative Ben Roach told the State Administration Budget Subcommittee that House Bill 767 would not set or approve insurance rates but would require insurers to provide homeowners with concise, consumer-facing explanations of why renewal rates rise.
"It gives Florida homeowners a clear plain language explanation of why their insurance rates increase year after year," Roach said, describing a transparency report that would break out, in percentage terms, the factors—reinsurance costs, claims, litigation or other drivers—behind a requested rate change. He said the Office of Insurance Regulation (OIR) would review the report and could require modifications, but the disclosure would not constitute rate approval.
Committee members asked no substantive questions, and there were no amendments. The committee clerk called the roll and members present voted to report the bill favorably.
The measure leaves OIR's statutory authority intact, Roach said, and is limited to disclosure rather than rate setting. The subcommittee’s favorable report sends the measure to the next committee or the full chamber for additional consideration.
The committee recorded no public testimony in support and one registered opponent who did not speak in person. The bill’s next procedural step will be determined by the House calendar.
Reported action: HB 767 was reported favorably by the State Administration Budget Subcommittee.