FL S0830

Limits authorization to form nonprofit self-insurance funds to corporations organized under Florida law before July 1, 2015.

Allows publicly supported organizations that receive at least 75 percent of revenues from the public (as evidenced by IRS Form 990) and are classified as 501(c)(3) entities to participate as members alongside organizations receiving 75 percent of revenues from governmental sources.

Requires funds with publicly supported members to obtain actuarial certification that the fund can maintain total assets equal to loss and loss adjustment expense reserves at the 80 percent confidence level before authorizing such members.

Mandates that excess insurance be purchased from carriers or reinsurers rated A- or higher by an office-approved rating agency, with per-loss occurrence retention not exceeding $350,000.

Authorizes the Office of Insurance Regulation to issue cease and desist orders to funds that fail to maintain reserves at the 70 percent confidence level and requires noncompliant funds to file remedial plans within 5 years to reach 80 percent confidence levels.