The bill amends Florida Statutes to rename the Florida Catastrophic Storm Risk Management Center to the Florida Center for Excellence in Insurance and Risk Management. It revises the center's purpose and duties, emphasizing the development and dissemination of research related to the state's insurance market and risk management. The center is required to collaborate with the Office of Insurance Regulation to produce an annual report analyzing the property insurance market, which must be published by January 1, 2026, and updated biennially. Additionally, the center will develop a program with the Office of Insurance Regulation and Florida State University's Actuarial Science Program to encourage actuarial students to work in the public sector.

The bill also mandates that the Office of Insurance Regulation contract with the newly named center to manage the public hurricane loss projection model, which will be updated regularly. It specifies that fees for accessing the model will not apply to the center, and it facilitates a transfer of the model's management from Florida International University to Florida State University. The bill includes conforming changes to ensure consistency across related statutes and establishes a July 1, 2025, effective date for the new provisions.

Statutes affected:
S 114 Filed: 1004.647, 627.06281, 627.06292
S 114 e1: 1004.647, 627.06281, 627.06292