Overview:

The Florida Optional Reinsurance Assistance (FORA) program effectuated by 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 (SBA), was a one-year program designed to operate in conjunction with the Reinsurance to Assist Policyholders (RAP) program to provide four optional layers of reinsurance for the 2023 hurricane season. The Florida Legislature allocated up to $1 billion in General Revenue funds to support this program.

FORA program coverage was offered to all eligible FHCF participants and five insurers selected coverage. During the 2023 hurricane season, Hurricane Idalia made landfall in a rural area near Keaton Beach, Florida, which resulted in minimal projected losses for the program. With no losses expected to reach an insurer’s retention, all participants have commuted their FORA contracts thereby extinguishing all loss reimbursement liabilities, obligations and rights under the 2023 FORA Reimbursement Contract.