Audit: Unpaid Hurricane Losses and Securities Re-Pricing Represent Greatest Risks to Florida Hurricane Catastrophe Fund
Nov 14, 2012
The Florida State Board of Administration (“SBA”) Audit Committee met yesterday, November 13, 2012, during which Florida Hurricane Catastrophe Fund (“FHCF”) Chief Operating Officer Dr. Jack Nicholson and Anne Burt, FHCF Director of Operations, presented results of the FHCF Audit, along with representatives from SBA auditor KPMG.
The testing done during the FHCF audit demonstrated that unpaid hurricane losses and the re-pricing of securities represent the FHCF’s greatest risks. However, the audit found no issues with the Fund’s management and account practices. Therefore, it was concluded that no further testing is necessary.
To access an audio replay of the meeting, click here.
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