(1) Every residential property insurer and every motor vehicle insurer rate filing made or pending with the Office of Insurance Regulation on or after July 1, 2023, must reflect the projected savings or reduction in claim frequency, claim severity, and loss adjustment expenses, including for attorney fees, payment of attorney fees to claimants, and any other reduction actuarially indicated, due to the combined effect of the applicable provisions of chapters 2021-77, 2022-268, 2022-271, and 2023-15, Laws of Florida, in order to ensure that rates for such insurance accurately reflect the risk of providing such insurance.
(2) The Office of Insurance Regulation must consider in its review of such rate filings the projected savings or reduction in claim frequency, claim severity, and loss adjustment expenses, including for attorney fees, payment of attorney fees to claimants, and any other reduction actuarially indicated, due to the combined effect of the applicable provisions of chapters 2021-77, 2022-268, 2022-271, and 2023-15, Laws of Florida. The office may develop methodology and data that incorporate generally accepted actuarial techniques and standards to be used in its review of rate filings governed by this section. The office may contract with an appropriate vendor to advise the office in developing such methodology and data to consider. Such methodology and data are not intended to create a mandatory minimum rate decrease for all residential property insurers and motor vehicle insurers, respectively, but rather to ensure that the rates for such coverage meet the requirements of s. 627.062 and thus are not excessive, inadequate, or unfairly discriminatory and allow such insurers a reasonable rate of return. (3) This section does not apply to rate filings made pursuant to s. 627.062(2)(k). 
