CS/HB 97 - Florida Hurricane Catastrophe Fund

• Adds 60-percent coverage level for reimbursement contracts beginning in the 2019-2020 contract year, in addition to existing 45, 75, and 90 percent options.

• Revises cash build-up factor calculation for premium formulas starting in 2019-2020 contract year, with factors ranging from zero to 25 percent based on projected fund balance thresholds between $14 billion and $16 billion.

• Clarifies that "projected fund balance" means the fund's projected year-end balance as of December 31 of the prior contract year, adjusted for changes in total incurred losses through the date the actuarial consultant signs the premium formula report.

• Limits emergency assessment authority to circumstances where debt under the revenue bonds subsection is outstanding or has been authorized, establishing legislative intent that assessments be levied only in the context of debt financing.

• Effective upon becoming law.