Florida Hurricane Catastrophe Fund Posts October 2017 Claims Paying Capacity; Advisory Council To Meet on Reimbursement Contract Rulemaking
Nov 6, 2017
Rulemaking is underway for the proposed 2018-2019 Florida Hurricane Catastrophe Fund (“FHCF”) Reimbursement Contract, which is regulated by Rule 19-8.010, F.A.C. In addition to having obsolete material deleted, the proposed Rule could also include a provision for an alternative procedure to commute 2016-2017 FHCF Contract Year losses.
A Rule Hearing on the proposed changes has been scheduled for November 14 in Tallahassee at 9 a.m. To view the Rule markup document, which includes the Hearing time and other information, click here.
The FHCF Advisory Council is scheduled to meet via teleconference later that afternoon to review comments that may be submitted at the morning’s Rule Hearing, should it be held. To access call-in information for the Advisory Council meeting, click here.
FHCF October 2017 Claims Paying Capacity Report Published
The FHCF projects that its year-end fund balance for the 2017-2018 Contract Year is $15 billion, including the projected loss estimate of $5.1 billion for Hurricane Irma.
For the FHCF’s 2017-2018 Contract Year–based on available funding sources and an estimated bonding capacity of $7.9 billion–the FHCF has a total estimated claims-paying capacity of $26.6 billion–$9.6 billion above its statutory limit of $17 billion.
However, after adjusting for Hurricane Irma loss estimates of $5.1 billion, the FHCF has a total estimated remaining claims-paying capacity of $21.5 billion, which is still $9.6 billion above the remaining statutory limit of $11.9 billion, or maximum statutory limit of $17 billion, minus $5.1 billion of Hurricane Irma loss estimate.
To view the Claims Paying Capacity report, click here.
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