7318958, 19-8.010 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 7318958

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

ADMINISTRATION OF THE FLORIDA HURRICANE CATASTROPHE FUND

Overview

RULE:

19-8.010

Reimbursement Contract

PURPOSE:

The Florida Hurricane Catastrophe Fund (FHCF) seeks to implement changes made to Section 215.555, Florida Statutes, during the 2009 legislative session.

SUMMARY:

Addendum No. 2 to the Reimbursement Contract is amended to reflect a reduction in optional Temporary Increase in Coverage Limit Options (TICL), a fourth Addendum is added which gives effect to the extension of the $10 million FHCF optional coverage, and a fifth Addendum is added which implements the following Legislative changes to the law: TICL options changes, addition of the $10 million optional coverage, a cash build-up factor for the premium formula, the addition of the “estimated claims-paying capacity” to the May and October published bonding report and the uniform reduction of payouts to all participants if the FHCF exceeds its estimated claims-paying capacity.

RULEMAKING AUTHORITY:

215.555(4) FS.

LAW:

215.555(4) FS.

PRINT PUBLISH DATE:

7/2/2009 Vol. 35/26

COMMENTS:

From 7/2/2009 To 7/23/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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