FL S1712

Sets the Florida Hurricane Catastrophe Fund (FHCF) retention multiple at $8.5 billion beginning June 1, 2025 (up from the previous $4.5 billion base), fixes the board's contract year obligation at $17 billion, and adds a new 100-percent coverage level option for insurers alongside the existing 45%, 75%, and 90% levels

Freezes the FHCF cash build-up factor during the 2025-2026 contract year for 12 months ending no later than July 1, 2026, with savings required to be passed directly to consumers, and requires a $580 million transfer from the FORA Fund into the FHCF to offset losses from the freeze

Restructures the Reinsurance to Assist Policyholders (RAP) program to make participation voluntary rather than mandatory, expands covered events beyond hurricanes to include tropical storms, hail, tornadoes, wind events, and wildfires, sets reimbursement at 100% of losses (up from 90%), and requires insurers to pay actuarially indicated premiums rather than receiving free coverage

Revises the Florida Optional Reinsurance Assistance (FORA) program by reducing coverage from four layers to three above a $500 million industry retention, increasing the maximum aggregate coverage limit from $1 billion to $3 billion, and requiring actuarially indicated premiums instead of fixed rate-on-line charges

Extends expiration dates for both the RAP and FORA programs to July 1, 2030 (or July 1, 2035 if general revenue funds have been transferred), increases per-contract-year transfer caps to $4 billion for RAP and $3 billion for FORA (less premiums paid), and requires FHCF premiums to be filed with and reviewed by the Office of Insurance Regulation