The bill amends section 215.5551 of the Florida Statutes, specifically reducing the maximum cumulative transfers from the General Revenue Fund to the State Board of Administration for the Reinsurance to Assist Policyholders (RAP) program from $2 billion to $900 million. This change aims to limit the financial exposure of the state in reimbursing insurers for losses incurred due to hurricanes. Additionally, the bill requires the board to notify the Executive Office of the Governor within 60 days after a covered event if funds from the RAP program will be necessary for reimbursements.

Furthermore, the bill repeals section 215.5552, which pertains to the Florida Optional Reinsurance Assistance program, effectively eliminating this program from state law. The act is set to take effect immediately upon becoming law.

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