Florida Hurricane Catastrophe Fund News

Is This Right Time to Restructure Florida CAT Fund?

A move to restructure Florida’s state-run property reinsurance facility by lowering its financial obligation to insurers is facing an uphill legislative battle as both lawmakers and members of the industry find themselves in conflict over the plan. Florida Hurricane Catastrophe …

S&P Rates Florida Cat Fund Bonds ‘AA-’

Standard & Poor’s Ratings Services has assigned its “AA-” rating to Florida Hurricane Catastrophe Fund (FHCF), Florida’s $2 billion revenue bonds series 2013A. The outlook is stable, according to the ratings firm. S&P said the bond proceeds are to provide …

Florida Lawmakers Unveil Property Reform Proposals

Florida lawmakers’ first draft of a property reform emphasizes depopulating and diverting policies from Citizens Property Insurance Corp., the state-backed property insurer that has 1.3 million policyholders. The proposal also seeks to reduce the financial responsibility of the state’s catastrophe …

Florida Senate to Unveil Property Insurance Reforms

Florida lawmakers are planning next week to release a draft version of a property insurance reform bill. The Senate Banking and Insurance Committee has taken the lead on property insurance reform this year and so far has listened to more …

Florida Looks to Restructure Its Hurricane Fund; Federal Option Proposed

Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its resources and leave insurers without further coverage. The Florida …

Florida Hurricane Fund in Better Shape But Could Still Be Short on Cash

Florida’s state-run reinsurance facility still faces a potential $1.5 billion gap to fulfill its maximum mandatory obligation, although it appears poised to be in better financial condition for the 2013 hurricane season than previously thought. With just six weeks left …

Does Rick Scott Support the ‘Beach House Bailout?’

Much of Florida Gov. Rick Scott’s tenure in office has been consumed with confronting the mistakes his predecessor made in the property insurance market. Charlie Crist left office having stuffed the two state-run entities — the Florida Hurricane Catastrophe Fund …

Florida Hurricane Fund May Come Up Short If Big Storm Hits: Panel

Florida may not have enough money to pay off hurricane insurance claims if a big storm hits this year. An advisory panel last Thursday concluded that the state may fall nearly $2 billion short of the total needed to cover …

Florida Governor Vetoes Cat Fund Tax-Credit Plan

Florida Governor Rick Scott has chastised state lawmakers for failing to fully consider a controversial plan to use state premium tax credits to help shore-up the state’s homeowners’ reinsurance fund before attaching it to the state budget. Scott used his …

Florida Tax-Credit Plan to Shore Up Cat Fund Raises Questions

A Florida plan to sell insurers and financial institutions state premium tax credits to help fund the state’s homeowners’ reinsurance facility is raising concerns among some officials. The Florida Insurance Tax Pre-Payment Program was a late addition to the state’s …