FL S1772

Revises the Florida Hurricane Catastrophe Fund to reduce the obligation limit from $17 billion to $14 billion beginning in the 2018-2019 contract year.

Adds new coverage level options (25%, 45%, 60%, 75%, and 90%) for reimbursement contracts, with adjusted retention multiples ranging from 100% to 360% based on elected coverage level.

Modifies the cash build-up factor calculation to 10% beginning in 2018-2019, with the factor eliminated when fund balance reaches $14 billion and reinstated at 5% if balance falls below $14 billion, increasing annually up to 25%.

Establishes a new Flexible Layered Options (FLO) program beginning in 2018-2019 allowing insurers to purchase optional coverage increasing fund capacity by up to $3 billion through three coverage multiples based on $1 billion, $2 billion, or $3 billion increments.

Eliminates provisions allowing Citizens Property Insurance Corporation and residential property insurers to implement separate rate increases reflecting the cash build-up factor costs.