Representative Nelson has Requested Draft Language on the Citizens Clearinghouse Program Proposed Legislation
Mar 15, 2013
Florida Property and Casualty Association Homeowners Division Members:
There have been numerous discussions both publicly and privately regarding legislative proposals to the Florida Hurricane Catastrophe Fund. It appears there is legislative momentum to reduce the top layer of the FHCF by $1 Billion beginning in 2014 in both the House and Senate. During the Senate Banking and Insurance Committee, Robin Westcott, the Insurance Consumer Advocate testified that the rate impact of lowering the top layer of the FHCF by $1 Billion would not be significant and she spoke in favor of the idea.
In addition to lowering the top layer of the FHCF, House Insurance and Banking Chairman, Bryan Nelson is interested in lowering the retention of the FHCF for limited apportionment companies that choose to participate in a Citizens Clearinghouse. Representative Nelson has requested draft language from those interested in this idea.
Attached please find an updated insurance legislation chart for your review.
Should you have any questions, please contact Katie Webb (kwebb@cftlaw.com).
