FL H1055

Revises reinsurance premium and retention calculations for the Florida Hurricane Catastrophe Fund, phasing in reduced coverage levels from 90% to 75% over contract years 2013-2017.

Reduces aggregate coverage limits from $17 billion (2013-2014) to $14 billion (2016-2017 and beyond), with intermediate years stepping down by $1 billion annually.

Changes the name of the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Florida Hurricane Catastrophe Fund Finance Corporation.

Deletes provisions relating to temporary emergency additional coverage options (TEACO) that were applicable to 2007-2010 hurricane seasons.

Amends insurance rate standards to allow full recoupment of reimbursement premiums paid to the fund, with restrictions on recouping duplicate reinsurance coverage.