Cabinet Meeting Report: October 27
Oct 27, 2009
The Florida Cabinet met in Tallahassee today, October 27, 2009 and discussed items from the State Board of Administration, Department of Revenue and Board of Trustees of the Internal Improvement Trust Fund. To view the complete Cabinet meeting agenda, click here.
During the Cabinet’s discussion of the Florida State Board of Administration (“SBA”) agenda items, SBA Executive Director Ash Williams noted that the Florida Hurricane Catastrophe Advisory Council recently increased the Florida Hurricane Catastrophe Fund’s (“FHCF”) projected bonding capacity from $8 billion to $11 billion. With this increase, the total projected resources available to the FHCF to cover its catastrophe-related obligations is approximately $27 billion.
This projected capacity will provide coverage for the FHCF’s mandatory layer, but will leave a shortfall in the Temporary Increase in Coverage Limits (“TICL”) layer. Florida Attorney General Bill McCollum asked whether the TICL layer would have sufficient resources to fund its claims-paying obligations during the next contract year. Mr. Williams replied that the TICL layer probably would not be adequately funded if that coverage is fully purchased by insurers next year.
Following Mr. William’s remarks, the meeting adjourned. The next Cabinet meeting is scheduled for Tuesday, November 17, 2009.
Should you have any questions or comments, please contact Colodny Fass.
The Florida Financial Services Commission (“FSC”) comprises the Governor and Cabinet (Governor Charlie Crist, Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Commissioner of Agriculture Charles H. Bronson). The FSC regulates the banking, securities and insurance industries and appoints the officials who oversee the Office of Financial Regulation and the Office of Insurance Regulation, which are administratively housed in the Florida Department of Financial Services, but report directly to the FSC. For more information on the FSC, click here.
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