The bill proposes significant changes to the Florida Catastrophic Storm Risk Management Center, renaming it 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 tasked with collaborating 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 renamed 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 or the office. Furthermore, a type two transfer of the public hurricane loss projection model from Florida International University to Florida State University is included, along with conforming changes to existing statutes. The act is set to take effect on July 1, 2025.

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