Sunset of Public Records Exemption for Credit Scoring Methodologies
The Office of Insurance Regulation issued Informational memo OIR-08-9M reminding insurers that the public records exemption for credit scoring methodologies is no longer effective as of October 2, 2008. The memo states that “Section 626.97411, Florida Statutes, had provided for the confidentiality of credit scoring methodologies and related data and information that qualified as a trade secret as defined in Section 688.002, Florida Statutes. Section 626.97411, Florida Statutes, had also provided that such information was exempt from the provisions of Florida’s public records law.” It goes on to conclude that any credit scoring methodologies, related data and information filed with the Office of Insurance Regulation on or after October 2, 2008 will no longer be considered exempt from the public records act and will be consider public. It appears that OIR reads the repeal of section 626.97411 to preclude an insurer from asserting its credit scoring methodologies are trade secrets pursuant to section 688.002 and therefore still entitled to confidentiality. One could also argue, we believe, that materials that are in fact trade secret and marked so under new section 624.4213, Florida Statutes, should remain confidential provided an insurer complies with that provision.
INFORMATIONAL MEMORANDUM
OIR-08-9M
ISSUED
September 30, 2008
Florida Office of Insurance Regulation
Kevin M. McCarty, Commissioner
To All Property & Casualty Insurers in the State of Florida
Sunset of Public Records Exemption for Credit Scoring Methodologies
The purpose of this memorandum is to notify Florida insurers that Section 626.97411, Florida Statutes, will stand repealed effective October 2, 2008.
Section 626.97411, Florida Statutes, had provided for the confidentiality of credit scoring methodologies and related data and information that qualified as a trade secret as defined in Section 688.002, Florida Statutes. Section 626.97411, Florida Statutes, had also provided that such information was exempt from the provisions of Florida’s public records law.
Based on this change in the law, any credit scoring methodologies, related data and information filed with the Office of Insurance Regulation on or after October 2, 2008 shall no longer be accorded confidentiality nor shall it be exempt from the provisions of Florida’s public records law.
If you have any questions regarding this memorandum, please contact Mike Milnes, Deputy Director of Property & Casualty Product Review, Florida Office of Insurance Regulation at Michael.Milnes@floir.com or (850) 413-5306.