summary
Introduced
02/25/2025
02/25/2025
In Committee
03/31/2025
03/31/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to insurance research; amending s. 1004.647, F.S.; renaming the Florida Catastrophic Storm Risk Management Center to the Florida Center for Excellence in Insurance and Risk Management; revising the purpose of the center; revising the duties of the center; providing areas of interest for research; requiring the center to collaborate with the Office of Insurance Regulation to produce an annual report analyzing the property insurance market in this state; requiring that the report be published by a specified date and updated at least biennially; requiring the center to develop a program with the office and the Actuarial Science Program at the Florida State University for a specified purpose; requiring the center to use the public hurricane loss projection model when necessary; requiring the center to conduct research in response to inquiries from the Legislature; authorizing the center to conduct research in response to requests from the office; amending s. 627.06281, F.S.; requiring the office to contract with the center to manage the public hurricane loss projection model; requiring the center to update the model; providing that certain fees charged for access and use of the model do not apply to the Florida Center for Excellence in Insurance and Risk Management; providing for a type two transfer of the public hurricane loss projection model from Florida International University to Florida State University; amending s. 627.06292, F.S.; making conforming changes; providing an effective date.
AI Summary
This bill renames the Florida Catastrophic Storm Risk Management Center to the Florida Center for Excellence in Insurance and Risk Management, significantly expanding its research scope and responsibilities. The center, located at Florida State University, will now focus on comprehensive insurance market research, including areas like storm forecasting, consumer protections, claims practices, reinsurance markets, building resilience, and various insurance types. The center is now required to collaborate with the Office of Insurance Regulation to produce an annual report analyzing the state's property insurance market, with projections spanning 1, 5, 10, and 20 years, and recommendations for improving insurance availability and affordability. Additionally, the bill transfers management of the public hurricane loss projection model from Florida International University to Florida State University and requires the center to develop a program to encourage actuarial science students to work in public sector risk management. The center is also authorized to conduct research in response to legislative inquiries and Office of Insurance Regulation requests, with a broader mandate to provide insights into insurance market trends, challenges, and potential policy solutions. The changes aim to enhance Florida's understanding of insurance risks and develop more effective strategies for managing catastrophic event preparedness.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Other Sponsors (1)
House Budget Committee (House)
Last Action
Died on Second Reading Calendar (on 06/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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