Florida Hurricane Catastrophe Fund Bill Filed
Jan 20, 2009
On January 19, 2009, State Representative Kevin Rader (D- Boynton Beach) filed House Bill 437 relating to the Florida Hurricane Catastrophe Fund (“FHCF”).
This bill creates the Division of Florida Hurricane Catastrophe Fund (“Division”) as part of the Florida State Board of Administration (“SBA”); revises provisions requiring the SBA to invest specified funds; provides for Division assumption of SBA duties with respect to the FHCF; revises membership of Florida Hurricane Catastrophe Fund Finance Corporation; provides for reversion of FHCF assets upon its termination; provides for optional FHCF coverages; revises Temporary Increase in Coverage Limits (“TICL”); requires the TICL addendum to contain a Division promise to make reimbursements to TICL insurers; includes the level of TICL coverage specified by the FHCF Board among factors required to be considered when determining the amount of increase in the FHCF claims-paying capacity; requires the FHCF Division director to serve on the Advisory Council of the My Safe Florida Home Program; assigns the Florida Commission on Hurricane Loss Projection Methodology (“Commission”) to the Division; requires the FHCF director to serve on the Commission; indemnifies Commission members and Division employees from liability for action taken with respect to the Commission or its activities; requires the Division to employ specified methods, principles, standards, models, or output ranges when establishing reimbursement premiums for the FHCF.
HB 437’s effective date is July 1, 2009. To view the bill’s text, click here.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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