Florida Hurricane Catastrophe Fund bill revises reimbursement contracts, retention multiples, and premium formulas.

The Florida Hurricane Catastrophe Fund bill amends the fund's reimbursement contracts, retention multiples, and premium formulas. It specifies retention multiples for different coverage levels and requires insurers to report losses from covered events. The bill also mandates the board to notify insurers of the fund's borrowing capacity, claims-paying capacity, and balance. Insurers can elect different coverage levels and adjust their retention multiples accordingly.

Florida Hurricane Catastrophe Fund bill revises reimbursement contracts, retention multiples, and premium formulas.

The Florida Hurricane Catastrophe Fund bill amends the fund's reimbursement contracts, retention multiples, and premium formulas. It specifies retention multiples for different coverage levels and requires insurers to report losses from covered events. The bill also mandates the board to notify insurers of the fund's borrowing capacity, claims-paying capacity, and balance. Insurers can elect different coverage levels and adjust their retention multiples accordingly.