Florida HB 1349: Assisted Living Facilities

Bill Text

HB 1349 2026

CODING: Words stricken are deletions; words underlined are additions.
hb1349-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

A bill to be entitled 1
An act relating to the Florida Hurricane Catastrophe 2
Fund; amending s. 215.555, F.S.; specifying the 3
retention multiple for specified contracts; deleting 4
obsolete language; providing the adjusted retention 5
multiple for insurers electing the 100-percent 6
coverage level; requiring that the reimbursement 7
contract contain a promise by the State Board of 8
Administration to reimburse the insurer a specified 9
percentage of its losses and applicable loss 10
adjustment expenses; specifying the loss adjustment 11
expense for specified contracts and rates; modifying 12
the contract obligation of the board for a contract 13
year; deleting provisions regarding reimbursements; 14
requiring that the hurricane loss portion of a 15
specified formula be determined by averaging the 16
results of certain catastrophe models; authorizing, 17
rather than requiring, a certain formula to provide 18
for a cash build-up factor; requiring the cash build-19
up factor to be frozen beginning in a specified 20
contract year and to freeze for a specified period 21
ending by a specified date; requiring the savings 22
realized as a result of the freeze of the cash build-23
up factor to be passed to consumers; requiring the 24
board to file certain premiums with the Office of 25

HB 1349 2026

CODING: Words stricken are deletions; words underlined are additions.
hb1349-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

Insurance Regulation; requiring the office to review 26
such premiums; prohibiting certain costs from being 27
added to the cost of the reimbursement contracts; 28
providing an effective date. 29
30
Be It Enacted by the Legislature of the State of Florida: 31
32
Section 1. Paragraph (e) of subsection (2), paragraphs 33
(b), (c), and (d) of subsection (4), paragraph (b) of subsection 34
(5), and paragraph (a) of subsection (7) of section 215.555, 35
Florida Statutes, are amended to read: 36
215.555 Florida Hurricane Catastrophe Fund.— 37
(2) DEFINITIONS.—As used in this section: 38
(e) "Retention" means the amount of losses below which an 39
insurer is not entitled to reimbursement from the fund. An 40
insurer's retention shall be calculated as follows: 41
1. The board shall calculate and report to each insurer 42
the retention multiples for that year. For the contract year 43
beginning June 1, 2026 2005, the retention multiple must shall 44
be equal to $8.5 $4.5 billion divided by the total estimated 45
reimbursement premium for the contract year; for subsequent 46
years, the retention multiple shall be equal to $4.5 billion, 47
adjusted based upon the reported exposure for the contract year 48
occurring 2 years before the particular contract year to reflect 49
the percentage growth in exposure to the fund for covered 50

HB 1349 2026

CODING: Words stricken are deletions; words underlined are additions.
hb1349-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

policies since 2004, divided by the total estimated 51
reimbursement premium for the contract year. Total reimbursement 52
premium for purposes of the calculation under this subparagraph 53
shall be estimated using the assumption that all insurers have 54
selected the 90-percent coverage level. 55
2. The retention multiple as determined under subparagraph 56
1. shall be adjusted to reflect the coverage level elected by 57
the insurer. For insurers electing the 100-percent coverage 58
level, the adjusted retention multiple is 90 percent of the 59
amount determined under subparagraph 1. For insurers electing 60
the 90-percent coverage level, the adjusted retention multiple 61
is 100 percent of the amount determined under subparagraph 1. 62
For insurers electing the 75-percent coverage level, the 63
retention multiple is 120 percent of the amount determined under 64
subparagraph 1. For insurers electing the 45-percent coverage 65
level, the adjusted retention multiple is 200 percent of the 66
amount determined under subparagraph 1. 67
3. An insurer shall determine its provisional retention by 68
multiplying its provisional reimbursement premium by the 69
applicable adjusted retention multiple and shall determine its 70
actual retention by multiplying its actual reimbursement premium 71
by the applicable adjusted retention multiple. 72
4. For insurers who experience multiple covered events 73
causing loss during the contract year, beginning June 1, 2005, 74
each insurer's full retention shall be applied to each of the 75

HB 1349 2026

CODING: Words stricken are deletions; words underlined are additions.
hb1349-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

covered events causing the two largest losses for that insurer. 76
For each other covered event resulting in losses, the insurer's 77
retention sh