2013 Legislation Impacting the FHCF

During the 2013 Legislative Session, the Florida Legislature enacted CS/SB 1770 (Chapter 2013-060, Laws of Florida), which revised various property insurance-related statutes. Four provisions of the legislation impacted the FHCF:
• Changed the name of the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Finance Corporation
• Extended the FHCF assessment exemption for medical malpractice insurance through May 31, 2016
• Repealed outdated language for the $10 million additional coverage for specified insurers and the Temporary Emergency Additional Coverage Options (TEACO)
• Required the FHCF and Citizens Property Insurance Corporation to each submit to the Legislature and the Financial Services Commission an annual Probable Maximum   Loss report and each organization’s financing options for the upcoming hurricane season.