Florida Senate Panel Wants More Rate Comparison, Cost, Profit Info on OIR Website

March 26, 2025 by William Rabb

The Florida Office of Insurance Regulation provides a rate comparison tool on its website for homeowners’ and auto insurance, allowing consumers to view estimated premiums for limited types of properties and policyholders.

Under a bill approved by the Florida Senate Banking and Insurance Committee on Tuesday, that website would have to be beefed up and would be part of a detailed consumer guide that lays out information about policies and insurance companies available in the state, along with “transparency reports” that would show insurer cost factors and profit information.

“This will help increase consumer trust in the insurance market by providing clear, more accessible information on OIR’s website,” said Sen. Bryan Avila, R-Hialeah Gardens, who introduced the measure, Senate Bill 888.

The OIR’s existing web page “is not so descriptive, and I think OIR would say that it could be a little bit better,” Avila said at the committee meeting.

The current site, known as “Choices” on the OIR webpage, under the “Consumer Resources” button, shows premiums for only three general types of homes: one that was built before 2001, with no wind-mitigation measures installed, valued at $150,000; one built before 2001 with wind mitigation work; and a new-construction home valued at $300,000.

The page lists rates from 16 insurance carriers, and appears to be fairly accurate, at least for one carrier’s rates on an existing home in the Florida Panhandle.

Avila’s bill would require the site to include rates from each available insurer operating in the state. The bill also would require insurers to produce rate transparency reports when filing for rate changes, beginning in October. These reports would be provided to potential policyholders and would be available on the OIR site, showing a number of variables that go into the cost of insurance coverage — information that has not been easily accessible to consumers. This would include reinsurance costs, claims costs, legal defense and containment costs, fees and commissions, insurer profits, adverse findings, contact information, and other data points.

Simmering questions about the role of managing general agents also made it into the bill. The website would have to include information on “Whether the insurer uses affiliated entities to perform administrative, claims handling, or other functions of the insurer and, if so, the total percentage of direct written premium paid to the affiliated entities by the insurer in the
preceding calendar year.”

“I think we all acknowledge that there’s a myriad of data points that could be accessed and it’s a matter of getting those consolidated into a website that is consumer friendly, and would help consumers navigate through the process,” said Sen. Jim Boyd, R-Bradenton, who is an insurance agent and agency owner. “The market has stabilized and is getting better, and there will be more choices as we move forward.”

Average statewide rate changes, approved rates and county rating examples would not be considered trade secrets, the bill notes.

The text of the approved version of the bill can be seen here. It now goes to at least one other Senate committee for review.

The committee also voted in favor of Sen. Jennifer Bradley’s Senate Bill 794, which would bar the overuse of artificial intelligence in claims handling. It would require that a qualified human professional sign off on claims denials and would require insurers to certify that AI did not serve as the basis for denying a claim. The OIR would be able to audit claims denials to verify compliance.

A similar restriction was included last week in SB 1740 and House Bill 1555.

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