During the 2004 Legislative Session which ended April 30, 2004, the Legislature passed CS/CS/CS/CS SB 2488 increasing the capacity of the Florida Hurricane Catastrophe Fund (FHCF) for the 2004-2005 Contract Year up to $15 billion dollars and resetting the insurance industry aggregate retention to $4.5 billion. The bill also provides a transitional option that, if elected by the insurer prior to June 1, 2004, would base that insurer’s 2004-2005 projected payout on its share of the estimated premium based on a capacity of up to $11 billion and an aggregate insurance industry retention of $4.866 billion. This option is available only for the 2004-2005 Contract Year.
IMPORTANT NOTICE TO PARTICIPATING INSURERS
SUMMARY OF CS/CS/CS/CS SB 2488
CS/CS/CS/CS SB 2488 ENROLLED
On May 11, 2004, CS/CS/CS/CS SB 2488 was signed by the Governor and became law and the SBA Trustees approved the FHCF emergency rules. The following documents are being provided to assist you in preparing for the upcoming Contract Year: