General Bill
Florida Hurricane Catastrophe Fund:
Creates Division of Florida Hurricane Catastrophe Fund as division of SBA; provides for division board & division director; revises provisions requiring SBA to invest specified funds; provides for division assumption of SBA duties with respect to fund; revises membership of Florida Hurricane Catastrophe Fund Finance Corporation; provides for reversion of fund assets upon termination of fund; provides for optional coverages of fund; revises temporary increases in coverage limits (TICL); requires TICL addendum to contain division promise to make reimbursements to TICL insurer; includes level of TICL coverage specified by board among factors required to be considered when determining amount of increase in fund's claims-paying capacity; requires division director to serve on advisory council of My Safe Florida Home Program; assigns Florida Commission on Hurricane Loss Projection Methodology to division; requires fund director to serve on commission; indemnifies members & division employees from liability for action taken with respect to commission or its activities; requires division to employ specified methods, principles, standards, models, or output ranges when establishing reimbursement premiums for fund.
Effective Date:
July 1, 2009
Last Event:
Died in Insurance, Business & Financial Affairs Policy Committee on Saturday, May 2, 2009 12:00 AM
(No Related Bills On Record)