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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, […]
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 […]
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 […]
radeylaw, subsequent season, pre-event notes, capacity, Hurricane Irma, claims-paying, $17.0 billion, Florida Hurricane Catastrophe Fund, post-event notes, Travis Miller, Radey, FHCF
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 […]
The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses. According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]
The Florida Hurricane Catastrophe Fund will be triggered as a result of Hurricane Irma, but expected reimbursements are likely to remain well within the fund’s existing resources. The FHCF’s actuarial consultant projects that the FHCF will reimburse insurers for between $3 billion and $6 billion in losses, with $5.1 being an appropriate and conservative estimate. […]
Florida Hurricane Catastrophe Fund Chief Operating Officer Anne Bert provided an update to key legislative committees this week relating to the FHCF’s expected reimbursement obligations arising from Hurricane Irma. Ms. Bert stated that current projections suggest the FHCF’s ultimate losses from Irma will be between $3 billion and $5 billion. This amount is well-within the […]
Insurance Regulatory News, Florida Hurricane Catastrophe Fund, property insurance, residual market, Insurance Regulation
The State Board of Administration has announced the estimated borrowing capacity, estimated claims-paying capacity, and projected balance of the Florida Hurricane Catastrophe Fund as of December 31, 2017. These estimates relate to the FHCF’s expected ability to pay reimbursements to insurers from losses occurring in the 2017-2018 Reimbursement Contract Year. The FHCF’s total estimated claims-paying capacity […]
