Analysis of Florida Legislative Reform: Special Session of January 2007

During a special session in January of 2007, the Florida Legislature passed insurance legislation entitled “Insurance Industry Accountability and Consumer Protection Act” that expands the scope of Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund (FHCF).

Consulting and actuarial firm Milliman, Inc. was engaged by the Property Casualty Insurers of Association of America to estimate the potential future impact of this legislation on the FHCF and Citizens, along with the associated cost or benefit to Florida policyholders under a variety of hurricane scenarios. 

The objective of the analysis is to estimate the effective rate changes and surcharges associated with the legislation and their impact on the 2008 premiums for a range of homeowners, automobile and commercial policyholders in Florida.

This report includes a brief executive summary, followed by additional detailed text and exhibits documenting the analysis, a list of data and information sources and appendices containing some useful background information.