Cat Fund Advancing Rules for 2020 Season
The Florida Hurricane Catastrophe Fund (“FHCF”) is in the process of adopting rules for the 2020 hurricane season. The FHCF has scheduled a rule hearing for October 18 to discuss proposed changes to rule 19-8.010. This rule annually adopts the then-current version of the FHCF contract. Among other changes, the 2020 contract will incorporate the current 10% Loss Adjustment Expense standard. The proposed revisions also will specify that an insurer cannot change its coverage election after the contract’s March 1 execution date.
The FHCF also is beginning to pursue updates to its reporting rule. It will hold a rule development workshop on August 17 to discuss potential changes to rule 19-8.029. This rule governs insurer reporting requirements and responsibilities.