FL S1460

Redefines "contract year" as the period from June 1 of one calendar year through May 31 of the following year, replacing the previous mixed schedule that included a partial 2010 year.

Increases the maximum financial obligation of the State Board of Administration from $15 billion to $17 billion per contract year, with an exception allowing up to $34 billion if sufficient estimated claims-paying capacity exists for both current and subsequent years.

Establishes deadlines for board adoption of reimbursement contracts by February 1 of the preceding contract year and insurer execution by March 1 of the preceding contract year to provide greater certainty before reinsurance negotiations.

Extends optional coverage provisions and temporary increase in coverage limit (TICL) options through the 2013-2014 contract year, with decreasing numbers of TICL options (from 10 down to 2) across successive years.

Requires the board to publish maximum statutory coverage limits and aggregate fund retention in the Florida Administrative Weekly by January 1 of the preceding contract year to assist insurers in estimating their coverage.