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