FHCF Bill on Fast Track
Senator Garrett Richter’s Cat Fund bill (CS/SB 1460) sailed through the Banking and Insurance Committee. The bill addresses the accounting problems insurers have encountered with the contract year change made in statutory amendments last year. The bill will require companies to execute reimbursement agreements in March, but provide that the contract year will still run from June 1 through May 31. The dates for the FHCF to performs it duties (such as determining the payout multiple) have all been moved up. The bill has moved to special calendar and will likely move out of the Senate in the first week of session. The companion bill in the house, HB 949 has passed out of the General Government Policy Council and is now in the Full Appropriations Council on Education & Economic Development.