Florida Office of Insurance Regulation Announces I-File System Trade Secret-Related Changes
May 7, 2014
Insurers and other entities making rate and form filings via the Florida Office of Insurance Regulation’s (“OIR”) I-File system may notice various trade secret-related changes to the I-File user interface as of May 2, 2014.
The OIR advised of the recent I-File revisions and reminded insurers of the Florida’s Trade Secret law in Informational Memorandum OIR-14-02M, dated May 2, 2014. The Memorandum was issued together with instructions on the use of the new I-File component.
To view both documents, click here.
The requirements to claim as “trade secret” any documents or other information submitted to the OIR are established in Section 624.4213, F.S. Failure to follow these requirements constitutes a waiver of the claim that a document is “trade secret.”
The Florida Insurance Code provides that each document containing trade secret information must be submitted with an affidavit certifying under oath to the truth of statements. Along with the affidavit, each page must be clearly marked with “trade secret.” The new I-Filing procedures enable a submitter to assert trade secret status when making rate and form filings using the system.
Section 812.081, F.S. generally defines “trade secret” as the whole or any portion or phase of any formula, pattern, device, combination of devices, or compilation of information which is for use, or is used, in the operation of a business and which provides the business an advantage, or an opportunity to obtain an advantage, over those who do not know or use it.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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