Florida Lawmakers May Hold Off on More Insurance Reforms, Despite Warnings
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News & Updates
Florida Hurricane Catastrophe Fund
FHCF Projects $17 Billion in Single Season Capacity
The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon. The FHCF releases its estimated claims-paying capacity in May and October of each year. In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]
Florida Hurricane Catastrophe Fund Performing Adequately, Its Advisor Says
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Florida Cat Fund Foregoes Private Reinsurance for 2020 Hurricane Season
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FHCF Enters Hurricane Season in Strong Financial Position
The Florida Hurricane Catastrophe Fund (FHCF) begins the 2020 in a strong position to pay reimbursements to insurers if the need arises this year. The FHCF releases estimates of its claims-paying capacity in May and October of each year. The FHCF projects having $11.62 billion of cash on hand plus $650 million in pre-event note […]
Legislative Session Creates Fast Start to New Year
With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur. The Florida legislature has one 60-day regular session each year. This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session. The new law took effect mid-year, […]
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 […]
FHCF Maintains $17 Billion Single-Season Capacity
The Florida Hurricane Catastrophe Fund (FHCF) continues to anticipate it will be able to meet its $17 billion in contracted single-season capacity if the need arises. The FHCF projects its year-end 2019 fund balance will be $12.4 billion. Adding $1.7 billion in pre-event notes and an expected $1.0 billion in risk transfer (reinsurance), the FHCF projects […]
FHCF Turns Attention to Second Season Capacity
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Session Might Bring Updated Trade Secret Process
The insurance industry should stay tuned in the 2018 session for potential updates to Florida’s trade secret laws. Insurers are familiar with Section 624.4213, which creates a process for protecting information submitted to the Office of Insurance Regulation or the Florida Department of Financial Services. Although the current law has been helpful in creating a […]