Bill > S1248

This bill transfers the responsibility for the public hurricane loss projection model, which is a tool used to estimate potential damage from hurricanes, from the Office of Insurance Regulation to the Division of Emergency Management, and repeals provisions related to how program funds were previously spent, including specific programs for manufactured housing and research centers. It also revises the factors that insurance companies must consider when filing rates for residential property insurance, requiring them to include discounts or credits for properties with hurricane mitigation features, and mandates that the hurricane loss projection model be used to determine the appropriate methodology for these discounts. Additionally, the bill clarifies the role of Florida International University in developing and maintaining the public model and requires an annual report summarizing hurricane loss data.