HB 1097 2025
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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 insurance research; amending s. 2
1004.647, F.S.; renaming the Florida Catastrophic 3
Storm Risk Management Center to the Florida Center for 4
Excellence in Insurance and Risk Management; revising 5
the purpose of the center; revising the duties of the 6
center; providing areas of interest for research; 7
requiring the center to collaborate with the Office of 8
Insurance Regulation to produce an annual report 9
analyzing the property insurance market in this state; 10
requiring that the report be published by a specified 11
date and updated at least biennially; requiring the 12
center to develop a program with the office and the 13
Actuarial Science Program at the Florida State 14
University for a specified purpose; requiring the 15
center to use the public hurricane loss projection 16
model when necessary; requiring the center to conduct 17
research in response to inquiries from the 18
Legislature; authorizing the center to conduct 19
research in response to requests from the office; 20
amending s. 627.06281, F.S.; requiring the office t o 21
contract with the center to manage the public 22
hurricane loss projection model; requiring the center 23
to update the model; providing that certain fees 24
charged for access and use of the model do not apply 25
HB 1097 2025
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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
to the Florida Center for Excellence in Insurance an d 26
Risk Management; providing for a type two transfer of 27
the public hurricane loss projection model from 28
Florida International University to Florida State 29
University; amending s. 627.06292, F.S.; making 30
conforming changes; providing appropriation s; 31
providing an effective date. 32
33
Be It Enacted by the Legislature of the State of Florida: 34
35
Section 1. Section 1004.647, Florida Statutes, is amended 36
to read: 37
1004.647 Florida Center for Excellence in Insurance and 38
Catastrophic Storm Risk Management Center.—The Florida Center 39
for Excellence in Insurance and Catastrophic Storm Risk 40
Management Center is created at the Florida State University, 41
College of Business, Department of Risk Management. The purpose 42
of the center is to develop, conduct, evaluate, promote, and 43
disseminate accurate and timely research on issues related to 44
this state's insurance market and risk management, to assist the 45
Legislature in developing and evaluating evidence -based policy 46
options and making recommendations related to insurance a nd risk 47
management in this state, to identify emerging issues in the 48
insurance market, to provide insight regarding accessibility and 49
affordability of insurance products, catastrophic storm loss and 50
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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
to assist in identifying and developing education and res earch 51
grant funding opportunities among higher education institutions 52
in this state and the private sector. The purpose of the 53
activities of the center is to support the state's ability to 54
prepare for, respond to, and recover from catastrophic storms . 55
The center shall do all of the following : 56
(1) Conduct, coordinate, and disseminate research efforts 57
and information that would benefit businesses, consumers, and 58
public policy makers or that are expected to have an immediate 59
impact on policy and practices re lated to this state's insurance 60
markets or catastrophic event storm preparedness. The center 61
shall cooperate with the Office of Insurance Regulation in 62
conducting research. Areas of research may include: 63
(a) Storm forecasting and loss modeling; 64
(b) This state's insurance-related consumer protections; 65
(c) Insurer claims-handling and adjudication practices in 66
this state in comparison with insurer practices in other states; 67
(d) Cost factors in the reinsurance, catastrophe bond, and 68
insurance-linked securities markets; 69
(e) The resilience of building construction and mitigation 70
techniques; 71
(f) The Florida Hurricane Catastrophe Fund; 72
(g) The effectiveness of the My Safe Florida Home Program; 73
(h) Risk management strategies, particularly for 74
catastrophic risk; or 75
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(i) Health insurance, life insurance, workers' 76
compensation, motor vehicle insurance, or any other type of 77
insurance sold within this state. 78
(2) Collaborate with the Office of Insurance Regulation to 79
create a report analyzing the property insurance market in this 80
state, projecting the outlook for the property insurance market 81
over 1 year, 5 years, 10 years, and 20 years. The report must 82
include recommendations for improving the availability and 83
affordability of property insurance in this s tate and for 84
facilitating this state's preparedness for and responsiveness to 85
catastrophic events. The center shall work with the Office of 86
Insurance Regulation to produce the report. The office shall 87
cooperate with the center in providing data necessary t o 88
complete the report. The center shall publish the initial report 89
on or before January 1, 2026, and update the report at least 90
once every 2 years. Coordinate and disseminate information 91
related to catastrophic storm risk management, including, but 92
not limited to, research and information that would benefit 93
businesses, consumers, and public policy makers. Areas of 94
interest may include storm forecasting, loss modeling, building 95
construction and mitigation, and risk management strategies. 96
Through its efforts, the center shall facilitate Florida's 97
preparedness for and responsiveness to catastrophic storms and 98
collaborate with other public and private institutions. 99
(3) Create and promote studies and opportunities that 100
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enhance the educational options available to risk management and 101
insurance students. 102
(4) Develop a program in collaboration with the Office of 103
Insurance Regulation and the Actuarial Science Program of the 104
Department of Mathematics at Florida State University to 105
encourage actuarial science students to practice in the public 106
sector in the fields of risk management and insurance. 107
(5) Publish and disseminate findings. 108
(6)(5) Organize and sponsor conferences, symposia, and 109
workshops to educate consumers and policymakers. 110
(7) Use the public hurricane loss projection model under 111
s. 627.06281 when needed to meet the center's obligations under 112
this section. 113
(8) Conduct research responsive to joint or individual 114
inquiries from the President of the Senate and the Speaker of 115
the House of Represe ntatives regarding insurance or risk 116
management. The center may also conduct research responsive to 117
requests made by the Office of Insurance Regulation. 118
Section 2. Section 627.06281, Florida Statutes, is amended 119
to read: 120
627.06281 Public hurricane lo ss projection model; 121
reporting of data by insurers. — 122
(1) The Office of Insurance Regulation shall contract with 123
the Florida Center for Excellence in Insurance and Risk 124
Management to manage the public hurricane loss projection model 125
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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
developed under this s ection. The center shall cooperate with 126
other entities and universities, including Florida International 127
University, to develop and maintain the public model. The center 128
shall constantly evaluate and update the public model so that it 129
will have the same fu nctionalities as other models approved by 130
the Florida Commission on Hurricane Loss Projection Methodology. 131
The center may use the public model, including all assumptions 132
and factors and all detailed loss results, for the purpose of 133
meeting its obligations under s. 1004.647. Within 30 days after 134
a written request for loss data and associated exposure data by 135
the office or the center Florida International University center 136
established to study mitigation , residential property insurers 137
and licensed rating and advisory organizations that compile 138
residential property insurance loss data shall provide loss data 139
and associated exposure data for residential property insurance 140
policies to the office or the Florida International University 141
center established to study mitigation, as directed by the 142
office, for the purposes of developing, maintaining, and 143
updating the a public model for hurricane loss projections . The 144
loss data and associated exposure data provided must shall be in 145
writing. 146
(2) The public model must be submitted to the Florida 147
Commission on Hurricane Loss Projection Methodology for review 148
under s. 627.0628 by March 1, 2007. The office may continue to 149
use the public model for its review of rate filings pursuant to 150
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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
ss. 627.062 and 627.351 until such time as the Florida 151
Commission on Hurricane Loss Projection Methodology determines 152
that the public model is not accurate or reliable pursuant to 153
the same process and standards as the commission uses for the 154
review of other hurricane loss projection models. 155
(3)(a) A residential property insurer may have access to 156
and use the public hurricane loss projection model, including 157
all assumptions and factors and all detailed loss results, for 158
the purpose of calculating rate indications in a rate filing and 159
for analytical purposes, including any analysis or evaluation of 160
the public model required under actuarial standards of practice. 161
(b) The fees charged for private sector access and use of 162
the public model must shall be the reasonable costs associated 163
with the operation and maintenance of the public model by the 164
office. Such fees do not apply to access and use of the public 165
model by the office or the Florida Center for Excellence in 166
Insurance and Risk Management . 167
Section 3. All powers, duties, functions, records, 168
offices, personnel, associated administrative support positions, 169
property, pending issues, existing contracts, administrative 170
authority, administrative rules, and unexpended balances of 171
appropriations, allocations, and any other funds relating to the 172
public hurricane loss projection model are transferred by a type 173
two transfer, as defined in s. 20.06(2), Florida Statutes, from 174
Florida International University to Florida State University. 175
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Section 4. Subsection (3) of section 627.06292, Florida 176
Statutes, is amended to read: 177
627.06292 Reports of hurricane loss data and associated 178
exposure data; public records exemption. — 179
(3) Each year, on October 1, the Florida State 180
International University center that develops, maintains, and 181
updates the public model for hurricane loss projections shall 182
publish a report summarizing loss data and associated exposure 183
data collected from residential property insurers and licensed 184
rating and advisory organizations. The Florida State 185
International University center shall s ubmit the report 186
annually, on or before October 1, to the Governor, the President 187
of the Senate, and the Speaker of the House of Representatives. 188
(a) Such report must include a summary of the data 189
supplied by residential property insurers and licensed ra ting 190
and advisory organizations from September 1 of the prior year to 191
August 31 of the current year, and must include the following 192
information: 193
1. The total amount of insurance written by county. 194
2. The number of property insurance policies by county. 195
3. The number of property insurance policies by county and 196
by construction type. 197
4. The number of property insurance policies by county and 198
by decade of construction. 199
5. The number of property insurance policies by county and 200
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by deductible amount. 201
6. The number of property insurance policies by county and 202
by wind mitigation features when the information is supplied by 203
the residential property insurer or licensed rating and advisory 204
organization. 205
7. The total amount of hurricane losses by county a nd by 206
decade of construction. 207
8. The total amount of hurricane losses by county and by 208
deductible amount. 209
9. The total amount of hurricane losses by county and by 210
wind mitigation features when the information is supplied by the 211
residential property ins urer or licensed rating and advisory 212
organization. 213
(b) Separate compilations of the data obtained shall be 214
presented in order to use the public model for calculating rate 215
indications and to update, validate, or calibrate the public 216
model. Additional deta il and a description of the operation and 217
maintenance of the public model may be included in the report. 218
(c) The report may not contain any information that 219
identifies a specific insurer or policyholder. 220
Section 5. For the 2025-2026 fiscal year, the sum of $5 221
million in recurring funds and the sum of $1.5 million in 222
nonrecurring funds is appropriated from the General Revenue Fund 223
to the Florida State University for the purpose of establishing 224
and maintaining the Cent er for Excellence in Insurance and Risk 225
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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
Management. 226
Section 6. This act shall take effect July 1, 2025. 227