Seen in Insurance Journal:
Sink is preparing legislation and will urge legislative leaders to implement the proposal during the upcoming special session. Additionally, Sink announced that she will present her proposal at the Florida Cabinet meeting on Oct. 16.
If approved by the Legislature before the end of the month, the reformed Cat Fund will begin evaluating financial and insurance market conditions and will recommend to the Governor and Cabinet the level and pricing of Cat Fund optional coverages for the 2008 Hurricane Season.
The article is light on meaty details, but surely any sort of financial thought with regard to the Florida cat fund beyond the legislature’s simply waving its magic legislative pen is a step in the right direction.
The IJ article includes a comment by the president of the Reinsurance Association of America worthy of note:
The private reinsurance market can do that without the huge post-hurricane assessment/taxes inherent in the current law.