- Florida Cabinet Approves Florida Hurricane Catastrophe Fund Rulemaking, Liquidity Program Expansion
- January 28, 2013
- Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
During its meeting today, January 23, 2013, the Florida Cabinet convened as the State Board of Administration ("SBA") to request approval of, and authority to file, a Notice of Proposed Rule for Florida Hurricane Catastrophe Fund ("FHCF") Rules 19-8.029, F.A.C., Insurer Reporting Requirements, and 19-8.030, F.A.C., Insurer Responsibilities, and to file these proposed Rules, along with their incorporated forms, for adoption if no member of the public makes a timely request for a rule hearing.
The Cabinet also approved the appointment of Dr. Lorilee Medders as Chair of the Florida Commission on Hurricane Loss Projection Methodology ("Commission"). The SBA is required to appoint a Commission member as Chair annually. Dr. Medders was recommended by the Commission at its December 17, 2012 meeting.
Part of the SBA agenda included a Resolution to expand the FHCF liquidity program by having the FHCF Finance Corporation implement a pre-event finance program of up to $2 billion. It was noted that this would reduce the FHCF's reliance on post-event financing. This agenda item was adopted without discussion or debate.
At the conclusion of the SBA agenda, the FHCF Finance Corporation met and approved the minutes of its most recent meeting--April13, 2010--and agreed to secure $2 billion in pre-event financing.