FL S1262

Reduces maximum coverage levels available from the Florida Hurricane Catastrophe Fund, phasing down from 90% to 75% coverage over three contract years (2013-2014 through 2015-2016), with only 75% and 45% options available after 2015-2016.

Decreases aggregate fund coverage limits from $17 billion to $14 billion starting in 2015-2016 contract year, with intermediate limits of $16 billion (2013-2014) and $15 billion (2014-2015).

Increases loss adjustment expense reimbursement from 5% to 10% of reimbursed losses under the reimbursement contract.

Renames the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Finance Corporation and designates it as the successor entity.

Eliminates temporary emergency coverage options (TEACO and TICL programs) that were set to expire, and requires the board to publish fund limits and retention information by January 1 of the preceding contract year to give insurers advance notice.