FL H0949

Revises the definition of "retention" and establishes that contract years run from June 1 to May 31 to standardize fund calculations and coverage periods.

Increases the fund's claims-paying capacity limit from $15 billion to $17 billion, with additional capacity available if the board determines sufficient resources exist for current and subsequent contract years.

Requires the State Board of Administration to adopt reimbursement contracts by February 1 and insurers to execute them by March 1 of the preceding contract year, with board publication of capacity and retention information by January 1 to provide advance notice to insurers.

Extends temporary increase in coverage limit (TICL) options through the 2013-2014 contract year with decreasing coverage options (from 12 down to 2 options) and escalating premium factors (2x through 6x).

Requires the board to publish the fund's maximum statutory capacity limits, coverage options, and total retention in the Florida Administrative Weekly to give residential property insurers greater certainty when negotiating private reinsurance and capital procurement.