Florida Hurricane Catastrophe Fund Issues Maximum Statutory Adjusted Capacity for Mandatory Coverage, Maximum Statutory Coverage for Optional Coverages and Aggregate Retention for 2013 Contract Year
Dec 19, 2012
As required by law, the Florida Hurricane Catastrophe Fund issued the following notice on its Reimbursement Contract Year commencing on June 1, 2013, in regard to the maximum statutory adjusted capacity for mandatory coverage, maximum statutory coverage for any optional coverage and the aggregate fund retention used to calculate individual insurers’ retention multiples:
- As provided in Section 215.555(4)(c)1., F.S., the maximum statutory adjusted capacity for the mandatory coverage is $17 billion.
- As provided in Section 215.555(17)(d)9.f., F.S., the maximum statutory coverage for the optional Temporary Increase In Coverage Limits coverage is $2 billion.
- The aggregate fund retention used to calculate individual insurers’ retention multiples is $7.213 billion.
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