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Cat Fund Advancing Rules for 2020 Season

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.