The bill proposes to rename the Florida Catastrophic Storm Risk Management Center to the Florida Center for Excellence in Insurance and Risk Management and revises its purpose and duties. The center will focus on developing, conducting, and disseminating research related to the state's insurance market and risk management, assisting the Legislature with evidence-based policy options, and identifying emerging issues in the insurance market. It will also 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 is tasked with conducting research in response to inquiries from the Legislature and the Office of Insurance Regulation.

Furthermore, the bill mandates the Office of Insurance Regulation to contract with the newly named 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 also included. The bill outlines specific areas of research for the center, including storm forecasting, insurance consumer protections, and risk management strategies, while ensuring that certain fees for accessing the model do not apply to the center. The act is set to take effect on July 1, 2025.

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