Tag: Insurance Company Trade Secrets

On Monday March 20^th, a Florida appeals court sided with State Farm Florida concerning a dispute over whether insurance policy information can technically be considered a “trade secret” shielded from public disclosure. Insurance policy information frequently contains confidential business information which, if viewed by other companies, could provide them with a competitive advantage. While insurance companies have long been required to file such information with the government through the Quarterly and Supplemental Reporting System, companies like State Farm have sought to keep this information confidential (i.e. not disclosed to the public) precisely because the information could be used by competitors if made public.

After a Leon County circuit judge agreed with State Farm on this issue last year, the Office of Insurance Regulation (OIR) decided to appeal it in an effort to release the information to the public. However, on Monday, the three-judge appellate panel disagreed with the OIR that keeping the information confidential would harm consumers, undermine transparency, and increase the OIR’s administrative burden.