H1293: Florida Hurricane Catastrophe Fund and Reinsurance Assistance

Legislative Summary

Revises provisions for Florida Hurricane Catastrophe Fund including, retention multiple, adjusted retention multiple, reimbursement contracts, loss adjustment expense; contract obligations; reimbursements, & reimbursement premium formula; authorizes eligible Reinsurance to Assist Policyholders program insurers to purchase RAP coverage under program; revises reimbursement under RAP program; removes provision prohibiting premiums from being charged for participation in program; revises coverage layers of Florida Optional Reinsurance Assistance program; requires transfer of specified amount from FORA Fund into Florida Hurricane Catastrophe Fund.