Florida Hurricane Catastrophe Fund to Revise Reporting Rules
The Florida Hurricane Catastrophe Fund on December 17, 2010 proposed amendments to administrative rules adopting its exposure and loss reporting forms. The proposed revisons would make a series of changes to the FHCF data call, to which insurers respond each year providing the characteristics of their in-force portfolios. In addition, the proposed rules would amend the list of records insurers are required to keep to support their reimbursement requests. Among the proposed changes, the FHCF intends for insurers to maintain records supporting the amounts of payments to policyholders’ attorneys or public adjusters.
The Florida Hurricane Catastrophe Fund estimates that the regulatory costs associated with the rule changes will be minimal because they involve one-time programming changes. If a hearing is requested by January 7, the FHCF will set the date of the hearing through a notice to be published in the Florida Adminstrative Weekly. Based on early industry feedback, we anticipate that a hearing will be requested and will take place early in the new year.