Florida Hurricane Catastrophe Fund Updates: December 22, 2011

The Florida Hurricane Catastrophe Fund (“FHCF”) published the following updates today, December 22, 2011:

 

Florida Maximum Statutory Adjusted Capacity for Mandatory Florida Hurricane Catastrophe Fund Coverage, Maximum Statutory Coverage for Optional Coverages and Aggregate Retention for the 2012 Contract Year

As required by s. 215.555(18)(d), F.S., the FHCF issued the following notice on its Reimbursement Contract Year commencing on June 1, 2012, in regard to the maximum statutory adjusted capacity for the mandatory coverage, the maximum statutory coverage for any optional coverage and the aggregate fund retention used to calculate individual insurers’ retention multiples: 

• As provided in s. 215.555(4)(c)1., F.S., the maximum statutory adjusted capacity for the mandatory coverage is up to $17 billion.
• As provided in s. 215.555(17)(d)9.e., F.S., the maximum statutory coverage for the optional Temporary Increase In Coverage Limits is $4 billion.
• The aggregate fund retention used to calculate individual insurer’s retention multiples is $7.389 billion.

 

January 9, 2012 FHCF Rule Development Workshop to Address Reimbursement Premium Formula, Insurer Reporting Requirements and Responsibilities

The FHCF will discuss proposed amendments to regulations relating to insurer exposure and loss reporting requirements for the 2012/2013 FHCF Contract Year, premium formula requirements and insurer responsibilities at a Rule Development Workshop scheduled for January 9, 2012 from 9:00 a.m. to 12:00 p.m. (ET).   

Those wishing to participate via teleconference can dial (888) 808-6959 and enter conference code 4765251363.  The Workshop will be held in Room 116 (Hermitage Conference Room) at 1801 Hermitage Blvd., Tallahassee, Florida  32308.

The proposed Rules to be discussed are below (click on the hyperlinks for complete information):

19-8.028: Reimbursement Premium Formula
19-8.029: Insurer Reporting Requirements
19-8.030: Insurer Responsibilities

Preliminary texts of the proposed Rules are not yet available.

A Colodny Fass representative will attend the Workshop and provide a report.

 

January 12, 2012 FHCF Advisory Council Meeting Scheduled

The FHCF Advisory Council is scheduled to meet on January 12, 2012 to obtain approval for the filing of a Notice of Proposed Rule for 19-8.029, F.A.C., entitled “Insurer Reporting Requirements,” and 19-8.030, F.A.C., entitled “Insurer Responsibilities.”   In addition, approval will be sought to file these rules for adoption if no member of the public requests a timely Rule hearing.  Other general business of the Council may be addressed.

Those wishing to participate via teleconference should dial (888) 808-6959 and enter conference code 4765251363.  The meeting begins at 2 p.m. (ET) and will run until its conclusion.

A Colodny Fass representative will attend the Advisory Council meeting and provide a report.

 

 

Should you have any questions or comments, please contact Colodny Fass.

 

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