Florida Commission on Hurricane Loss Projection Methodology Meeting Canceled Pending CFO Jeff Atwater’s Five Statutory Commission Appointments

The Florida Commission on Hurricane Loss Projection Methodology (“Commission”) meeting originally scheduled for today, January 21, 2011, was canceled because newly elected Florida Chief Financial Officer Jeff Atwater has not yet made his allotted five statutory appointments to fill the corresponding vacant Commission seats.    To view the notice for today’s meeting, click here.

The meeting will be rescheduled after CFO Atwater makes his appointments.  Florida law requires the CFO’s appointees to have specific experience and hold the following positions:

• An actuary who is employed full-time by a property and casualty insurer that was responsible for at least one percent of Florida’s aggregate statewide direct written premium for homeowner’s insurance in the calendar year preceding the member’s appointment to the Commission;
• An insurance finance expert with a background in actuarial science who is also a full-time member of the State University System faculty;
• An expert in statistics who has a background in insurance and is also a full-time member the State University System faculty;
• A computer system design expert who is a full-time member of the faculty of the State University System; and
• An expert in meteorology who specializes in hurricanes and is a full-time member of the faculty of the State University System.

Once selected, CFO Atwater’s five appointees will serve on the Commission until the end of his term of office, unless he releases them earlier for cause.

In accordance with Florida law, the remaining six Commissioners must hold the following positions in order to serve on the Commission:

• The Florida Insurance Consumer Advocate;
• The senior employee of the Florida State Board of Administration responsible for operations of the Florida Hurricane Catastrophe Fund (“FHCF”);
• Citizens Property Insurance Corporation’s Executive Director;
• The Florida Division of Emergency Management Director;
• The actuary member of the FHCF Advisory Council; and
• A Florida Office of Insurance Regulation employee actuary who is responsible for property insurance rate filings and who is appointed to the Commission by the Florida Insurance Commissioner.

These six positions are currently held by the following people:

• Vice Chair: Scott Wallace, Executive Director; Citizens Property Insurance Corporation
• Terry Butler, Florida Insurance Consumer Advocate; Florida Department of Financial Services
• Howard Eagelfeld, FCAS; Actuary, Florida Office of Insurance Regulation
• Bryan Koon, Director; Florida Division of Emergency Management
• Jack Nicholson, Ph.D., CLU, CPCU, Chief Operating Officer; Florida Hurricane Catastrophe Fund
• Floyd Yager, FCAS, Actuary; Florida Hurricane Catastrophe Fund Advisory Council

A Commission Chairman has not yet been selected.