The bill amends section 215.5551 of the Florida Statutes, specifically regarding the Reinsurance to Assist Policyholders (RAP) program. It decreases the maximum cumulative transfers from the General Revenue Fund to the State Board of Administration for the RAP program from $2 billion to $900 million. This change aims to adjust the financial framework for reimbursing insurers for losses incurred due to hurricanes. Additionally, the bill mandates that the Executive Office of the Governor must notify the Legislative Budget Commission at least three days before any transfer of funds is executed.

Furthermore, the bill repeals section 215.5552, which pertains to the Florida Optional Reinsurance Assistance program, effectively eliminating this program from the statutes. The overall intent of the bill is to streamline the funding process for hurricane-related insurance reimbursements while reducing the financial commitment of the state. The act will take effect upon becoming law.

Statutes affected:
H 5013 Filed: 215.5551
H 5013 er: 215.5551