Florida Cabinet Advances Florida Hurricane Catastrophe Fund Reimbursement Contract Rulemaking
Sep 18, 2012
During its meeting today, September 18, 2012, the Florida Cabinet approved State Board of Administration’s (“SBA’s”) request to file a Notice of Proposed Rule 19-8.010, F.A.C., relating to the Florida Hurricane Catastrophe Fund’s (“FHCF’s”) Reimbursement Contract.
SBA Executive Director Ash Williams explained that the proposed Rule is not controversial at all and, under the 2009 “Glide Path” legislation, has reduced the FHCF’s Temporary Increase in Coverage Limits from $12 billion in 2009 to an available amount of $2 billion today.
Mr. Williams added that the FHCF has $8.5 billion in cash on hand and, projected that if there are no more catastrophic storms this year, the FHCF will begin the 2013 Hurricane Season with approximately $9.8 billion, which is anticipated to cover a 1-in-20 year storm, thereby continuing to curtail future liability.
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