Fla. Sen. Seeks To Shrink Hurricane Fund's $17B Coverage

Law360, Miami (December 09, 2013, 8:57 PM ET) -- After failing to shrink the Florida Hurricane Catastrophe Fund by $3 billion last year, a state senator on Friday again filed legislation that would drop the state reinsurance fund's coverage to $14 billion.

Sen. Alan Hays, R-Umatilla, filed S.B. 482, which would reduce the Cat Fund's coverage from $17 billion to $14 billion by 2017. The measure would also reduce the maximum reimbursement allowed for insurers tapping into the fund.

Hays' bill comes just weeks after Sen. Jeremy Ring, D-Margate, filed a competing bill aiming to...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required