Frequently, the Florida State Legislature creates programs to be administered by the SBA that are meant to be limited in terms of duration, resources, or availability. The programs found on this page are restricted by some mechanism and are therefore listed separately from normal daily procedures. The current crop of programs are as follows:

Overview: The Florida Optional Reinsurance Assistance (FORA) program that established Section 215.5552, Florida Statutes, was created by the Florida Legislature during Special Session 2022A and signed into law on December 16, 2022. The FORA program, administered by the State Board of Administration, is a one-year program designed to operate in conjunction with the Reinsurance to Assist Policyholders (RAP) program and provides four optional layers of reinsurance. The Florida Legislature has allocated up to $1 billion in General Revenue funds to support this program.

Overview: The Reinsurance to Assist Policyholders program (“RAP”) was created by the Florida Legislature under s. 215.5551, F.S. and became effective on May 26, 2022. The program is administered by the State Board of Administration and provides a non-recurring total of $2 billion in coverage for a portion of RAP insurers’ hurricane losses. The program requires participation for almost all insurers participating in the Florida Hurricane Catastrophe Fund (FHCF).

Overview: The Insurance Capital Build-Up Incentive Program (ICBIP), administered by the State Board of Administration, was created by s. 215.5595, F.S., for the purpose of providing an incentive for investors to commit additional capital to Florida’s residential insurance market and to write a minimum level of premiums for residential hurricane coverage. In 2006, the Legislature appropriated $250 million in nonrecurring funds from Florida’s General Revenue Fund for the Program.