Florida Senate Committee Releases Corrected Version of Proposed Hurricane Fund Bill

The Florida Senate Banking and Insurance Committee has released a corrected version of its proposed Florida Hurricane Catastrophe Fund (“FHCF”) bill (SPB 7058). For your review, a copy of the corrected bill is attached. Please note that the corrected copy has “Corrected Copy” at the top of each page.

This corrected version of SPB 7058 encompasses the proposal developed by Chief Financial Officer Alex Sink introduced during the February 8, 2008 Florida House Insurance Committee meeting. It also creates a new FHCF Division under the Florida Cabinet, reduces Temporary Increase in Coverage Limits (“TICL”) layer coverage to $9 billion with a 30 percent co-insurance payment, and maintains current TICL coverage through the 2009-2010 contract year.

Should you have any questions or comments, please do not hesitate to contact this office.

 

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