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FL H1349
Bill
Status
Introduced
1/9/2026
Primary Sponsor
Hillary Cassel
Click for details
AI Summary
- Increases the Florida Hurricane Catastrophe Fund retention multiple from $4.5 billion to $8.5 billion for the contract year beginning June 1, 2026, and removes the prior formula that adjusted the retention based on exposure growth since 2004
- Adds a 100-percent coverage level option for insurers (in addition to existing 45%, 75%, and 90% levels), with an adjusted retention multiple set at 90 percent of the base retention multiple
- Increases the loss adjustment expense reimbursement cap from 10 percent to 25 percent of total subject losses before reimbursement, effective for contracts on or after June 1, 2026
- Requires the cash build-up factor in the premium formula to be frozen beginning in the 2026-2027 contract year for a 12-month period ending no later than July 1, 2027, with any resulting savings passed directly to consumers
- Requires the hurricane loss portion of the premium formula to be determined by averaging results of all catastrophe models approved by the Florida Commission on Hurricane Loss Projection Methodology, and requires the board to file premiums with the Office of Insurance Regulation for review
Legislative Description
Florida Hurricane Catastrophe Fund
Last Action
Now in Insurance & Banking Subcommittee
1/15/2026
Committee Referrals
Insurance And Banking Subcommittee1/15/2026
Full Bill Text
No bill text available