FL S0228

Revises the definition of "losses" to include allocated loss adjustment expenses and clarify that additional living expenses may comprise up to 40 percent of insured value.

Modifies retention calculation requirements and establishes that the aggregate retention level may not exceed $5 billion effective June 1, 2015.

Changes board publication requirements from May and October to January each year, requiring statements of estimated borrowing and claims-paying capacity with a minimum of 3 years of bonding capacity estimates.

Requires the board to negotiate a line of credit sufficient to cover projected receipts from a minimum of 3 years' bonding and second-event catastrophes, with the line of credit to be closed by July 1, 2015.

Removes the cash build-up factor requirement from the premium formula that previously ranged from 5 to 25 percent across multiple contract years.