FL S0610

Establishes an aggregate retention limit of $5.2 billion effective June 1, 2014, for the Florida Hurricane Catastrophe Fund while maintaining individual insurer retention calculations based on a $4.5 billion base adjusted for exposure growth.

Changes the fund's claims-paying capacity obligation to a fixed $15 billion effective June 1, 2014, with board authority to temporarily increase to $17 billion if necessary to stabilize the property insurance market beginning June 1, 2015.

Requires the State Board of Administration to obtain a line of credit to reimburse insurers when payments exceed available assets and bonding receipts, with the line of credit covering minimum 3 years of bonding projections.

Deletes the cash build-up factor requirement from the premium formula and requires independent consultant formulas to undergo peer review by an outside actuary before board approval.

Eliminates temporary emergency coverage limit options (TICL) that were scheduled to expire after the 2013-2014 contract year and removes restrictions on insurers recouping duplicate reinsurance costs.