Florida Cabinet Advances Florida Hurricane Catastrophe Fund 2012-2013 Proposed Rules
Mar 20, 2012
At the Florida Cabinet meeting this morning, March 20, 2012, the appointment of Linda Charity as Interim Commissioner of the Florida Office of Financial Regulation (“OFR”) was approved. Ms. Charity, who thanked the members of the Cabinet for their support, previously served as the Director of the Division of the Division of Financial Institutions within the OFR.
The Cabinet meeting also included the quarterly meeting of the State Board of Administration (“SBA”)Trustees.
SBA Executive Director Ash Williams presented two proposed Rules relating to the Florida Hurricane Catastrophe Fund (“FHCF”) and requested that the SBA Trustees of approve their filing as Notices of Proposed Rule. Mr. Williams noted that the FHCF had held a Rule Development Workshop on these proposed Rules in January 2012. The two proposed Rules are listed below:
- Rule 19-8.092, F.A.C., Insurer Reporting Requirements, adopts the 2012-2013 FHCF Data Call for exposure reporting, as well as forms for loss reporting.
- Rule 19-8.030, F.A.C., Insurer Responsibilities, adopts the FHCF 2012-2013 instructions for exposure and loss examinations.
In both proposed Rules, unnecessary or obsolete language was removed, and references to Citizens Property Insurance Corporation’s “High-Risk Account” were changed to “Coastal Account” to reflect corresponding legislative changes.
The proposed Rules were approved for filing without objection.
To view the complete Cabinet meeting agenda, click here.
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