The bill amends section 215.5551 of the Florida Statutes to decrease the authorized cumulative transfers from the General Revenue Fund to the State Board of Administration for the Reinsurance to Assist Policyholders (RAP) program. The new limit for these transfers is set at $900 million, down from the previous limit of $2 billion. This change aims to adjust the financial framework of the RAP program, which provides reimbursements to insurers for losses incurred due to hurricanes.

Additionally, the bill repeals section 215.5552, which pertains to the Florida Optional Reinsurance Assistance program. This repeal indicates a shift in focus away from the optional program, consolidating efforts under the existing RAP program. The bill is set to take effect upon becoming law.

Statutes affected:
H 5013 Filed: 215.5551