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 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 public sector risk management and insurance.

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. 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 bill aims to enhance the state's preparedness for catastrophic events and improve the availability and affordability of property insurance through comprehensive research and collaboration. The effective date for the bill is set for July 1, 2025.

Statutes affected:
H 1097 Filed: 1004.647, 627.06281, 627.06292
H 1097 c1: 1004.647, 627.06281