FL S1372

Increases the fund's base retention from $4.5 billion to $8 billion beginning with the 2013-2014 contract year, phased in over multiple years with different retention multiples for each coverage level election.

Reduces available coverage levels from three options (90%, 75%, 45%) to two options (75%, 45%) starting in the 2015-2016 contract year, with intermediate reductions in 2013-2014 (85%, 75%, 45%) and 2014-2015 (80%, 75%, 45%).

Lowers maximum emergency assessment limits from 10% to 8% of premium for losses after the 2015-2016 contract year and reduces single-year assessment caps from 6% to 5% for the same period.

Phases in increased cash build-up factors in reimbursement premiums from 20% (2012-2013) to 50% (2018-2019 and beyond), requiring the fund to accumulate more reserves annually.

Reduces claims-paying capacity limits from $17 billion (2012-2013) to $12 billion (2015-2016 and beyond) and terminates temporary increase in coverage limits (TICL) options after 2012-2013 contract year; renames the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Finance Corporation.