The Director of Legal Analysis & Risk Evaluation at the Florida Hurricane Catastrophe Fund has issued a memo about Participating Insurer Selection of Coverage Levels for the 2015 FHCF Contract Year.
The FHCF has received several requests for additional information regarding insurers’ ability to change their coverage selections under the 2015-2016 FHCF Reimbursement Contract in light of the defeasance of the FHCF Finance Corporation Revenue Bonds, Series 2010A.
Statutory Restriction on Changes in Coverage Levels
Under subparagraph 215.555(4)(b)2., F.S., a participating insurer:
“must elect one of the percentage coverage levels specified in this paragraph [i.e., 90%, 75%, or 45%] and may, upon renewal of a reimbursement contract, elect a lower percentage coverage level if no revenue…
Entire memo : .pdf