WeVote
Log In

Bill

Bill

SB 1712

Florida Hurricane Catastrophe Fund and Reinsurance Assistance

2025 Regular Session Introduced by Nick DiCeglie

Bill would have expanded Florida's Hurricane Catastrophe Fund and reinsurance assistance to stabilize property insurance market; died in committee without final vote.

Died in Banking and Insurance
#subjectindex
0
WeVote Research Nonpartisan
Bill Summary · SB 1712

Legislative bill overview

SB 1712 would have modified Florida's Hurricane Catastrophe Fund (HCF) and established reinsurance assistance mechanisms to help stabilize the state's property insurance market. The bill aimed to address Florida's ongoing insurance crisis by providing additional financial tools and protections for insurers participating in the state's catastrophe fund system.

Why is this important

Florida's property insurance market has faced severe strain, with multiple insurers becoming insolvent and Citizens Property Insurance Company (the state's insurer of last resort) growing to unsustainable levels. Strengthening the HCF and reinsurance mechanisms directly affects homeowners' insurance availability and affordability across the state, which has economic ripple effects for the entire housing market and economy.

Potential points of contention

  • Cost to taxpayers: Enhanced reinsurance assistance or HCF modifications typically require state funding or create contingent liabilities that could burden taxpayers during major hurricanes
  • Moral hazard concerns: Additional insurer protections may reduce incentives for private insurers to manage risk responsibly or exit unprofitable markets
  • Market distortion: State intervention in reinsurance could artificially prop up struggling insurers rather than allowing market consolidation or encouraging regulatory reform that addresses root causes

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.