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 (SBA), 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.
FORA insurers will be reimbursed for 100% of
their covered losses from the two covered events with the largest losses in
excess of their FORA retention, not to exceed their aggregate FORA limit.
FORA insurers can click
for information on preparing to submit loss reports for
Hurricane Idalia, if needed. All FORA loss reports are required to be
submitted using the FHCF Online Claims system. To register or submit loss
reports, the Online Claims system can be accessed at
In order to be eligible for coverage under the FORA program, an insurer must be a participating insurer in the Florida Hurricane Catastrophe Fund (FHCF) as of November 30, 2022. Citizens Property Insurance Corporation (Citizens) is not eligible for FORA coverage.
The first three layers of FORA are designed to provide coverage only for the RAP insurers that were required to participate in Contract Year 2022-2023. Therefore, RAP insurers for Contract Year 2023-2024 were not eligible to select FORA layers 1 through 3, because that coverage would duplicate the RAP coverage already in place. All insurers who selected FORA layers 1 through 3, and eligible RAP insurers in Contract Year 2023-2024, were able to select layer 4.
A FORA insurer’s coverage in layers 1 through 4 is based on their FHCF market share, with layer 1 positioned directly below the FHCF retention. Layers 1 through 3 are designed to sit adjacent to the effective 2023 RAP industry layer. The combined coverage available in layers 1 through 3 is approximately $0.9 billion, and the coverage available in layer 4 is based on the remaining industry limit from the $1 billion of General Revenue funds after the take-up of coverage in layers 1 through 3 plus all FORA premium collected. Please see the table below for detailed information on each layer of the FORA program.
insurers can calculate their FORA retention and maximum payout by multiplying
their FHCF 2023 premium by the appropriate multiples below.
premiums can be found at
*Rate on line is the ratio of premium paid to limit