FL S1454

Removes the cash build-up factor from the reimbursement premium formula used to determine insurer payments to the Florida Hurricane Catastrophe Fund, eliminating the 5-25 percent factor that was scheduled to increase annually through 2013-2014.

Eliminates language allowing residential property insurers to separately file for rate adjustments related to the cash build-up factor costs under section 627.062.

Removes provisions allowing Citizens Property Insurance Corporation to implement rate increases to reflect the effect of the cash build-up factor on the corporation.

Updates cross-references and conforming language throughout sections 627.062 and 627.351 to reflect the deletion of cash build-up factor provisions.

Takes effect upon becoming law.