FL H1281

Revises the definition and calculation of insurer "retention" (the amount of losses below which an insurer is not entitled to reimbursement) under the Florida Hurricane Catastrophe Fund, with retention multiples based on a $4.5 billion baseline adjusted for exposure growth.

Establishes a cap on aggregate retention levels at $5 billion beginning June 1, 2015, and adjusts retention multiples based on the coverage level elected by each insurer (90-percent, 75-percent, or 45-percent coverage).

Reduces the claims-paying capacity for the first covered event by $1 billion per contract year beginning in 2016, decreasing by an additional $1 billion annually until reaching $8 billion, with the reserved amount used for automatic reinstatement of first-event coverage and second-event claims.

Requires the board to determine and pay reimbursements within 15 days of receiving loss reports and to publish estimated borrowing capacity, claims-paying capacity, and fund balance information in May and October of each contract year.

Takes effect upon becoming law.