FHCF Reimbursement Premium Rule Development Workshop Report: January 9
Jan 13, 2009
The Florida State Board of Administration, Florida Hurricane Catastrophe Fund (“FHCF”) held a Rule development workshop on January 9, 2009, to discuss proposed amendments to the following Rules:
- 19-8.010: Reimbursement Contract
- 19-8.012: Procedures to Determine Ineligibility for Participation in the Florida Hurricane Catastrophe Fund and to Determine Exemption from Participation in the Florida Hurricane Catastrophe Fund
- 19-8.013: Revenue Bonds Issued Pursuant to Section 215.555(6), F.S.
- 19-8.028: Reimbursement Premium Formula
- 19-8.029: Insurer Reporting Requirements
- 19-8.030: Insurer Responsibilities
The workshop’s panel members included: Tracy Allen, Senior FHCF Attorney; Jack Nicholson, Senior FHCF Officer; Martin Helgestad, Senior Vice President of Paragon Strategic Solutions Inc.; and Gina Wilson, Director of Paragon Strategic Solutions Inc.
Proposed technical changes to Rules 19-8.012, .028 and .029 were briefly discussed.
The balance of workshop discussion focused on proposed changes to Rule 19-8.010: The 2009/2010 FHCF Reimbursement Contract (“Contract”).
Many of the proposed Contract changes were technical; however, changes relating to the term “present value” were discussed. Concern was expressed by audience members that the term “present value” is vague and could be interpreted several ways. Panel members stated that the ambiguity was designed to allow the FHCF and insurers to negotiate on certain reimbursement options.
The next Rule hearing regarding the proposed changes is scheduled to be held on Wednesday, March 18, 2009, from 9:00 a.m. through Noon.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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