FL S1448

Changes the Florida Hurricane Catastrophe Fund's retention multiple calculation to a fixed $4.5 billion for the 2026 contract year, eliminating the previous formula that adjusted for exposure growth since 2004

Increases loss adjustment expense reimbursement from 10% to the lesser of 15% of total subject losses before reimbursement or the total actual loss adjustment expenses, effective June 1, 2026

Modifies reimbursement contracts to promise reimbursement for losses "and applicable loss adjustment expenses" rather than adding a separate percentage for loss adjustment expenses

Requires the hurricane loss portion of the actuarially indicated premium formula to be determined by averaging results from all catastrophe models accepted by the Florida Commission on Hurricane Loss Projection Methodology

Sets the cash build-up factor to zero for the 2026-2027 contract year, while maintaining the 25% factor for subsequent years and making the cash build-up factor optional rather than mandatory