Florida S1448 amends the Florida Hurricane Catastrophe Fund, adjusting retention levels and reimbursement contracts.

Florida S1448 modifies the Florida Hurricane Catastrophe Fund by adjusting the definition of "retention" and the terms of reimbursement contracts. It specifies that insurers can elect a 45%, 75%, or 90% coverage level for losses and loss adjustment expenses. The bill also mandates that the State Board of Administration reimburse insurers for applicable loss adjustment expenses and sets the retention multiples based on the elected coverage level. The retention multiples are adjusted to reflect the coverage level chosen by the insurer.

Florida S1448 amends the Florida Hurricane Catastrophe Fund, adjusting retention levels and reimbursement contracts.

Florida S1448 modifies the Florida Hurricane Catastrophe Fund by adjusting the definition of "retention" and the terms of reimbursement contracts. It specifies that insurers can elect a 45%, 75%, or 90% coverage level for losses and loss adjustment expenses. The bill also mandates that the State Board of Administration reimburse insurers for applicable loss adjustment expenses and sets the retention multiples based on the elected coverage level. The retention multiples are adjusted to reflect the coverage level chosen by the insurer.