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| 3 | 3 | | HB 5013 2025 |
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| 7 | 7 | | CODING: Words stricken are deletions; words underlined are additions. |
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| 8 | 8 | | hb5013-00 |
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| 9 | 9 | | Page 1 of 2 |
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| 10 | 10 | | 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 |
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| 14 | 14 | | A bill to be entitled 1 |
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| 15 | 15 | | An act relating to state-funded property reinsurance 2 |
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| 16 | 16 | | programs; amending s. 215.5551, F.S.; decreasing the 3 |
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| 17 | 17 | | authorized cumulative transfers from the General 4 |
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| 18 | 18 | | Revenue Fund to the State Board of Administration for 5 |
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| 19 | 19 | | the Reinsurance to Assist Policyholders program to 6 |
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| 20 | 20 | | reimburse certain insurers for insured losses caused 7 |
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| 21 | 21 | | by hurricanes; repealing s. 215.5552, F.S., relating 8 |
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| 22 | 22 | | to the Florida Optional Reinsurance Assistanc e 9 |
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| 23 | 23 | | program; providing an effective date. 10 |
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| 24 | 24 | | 11 |
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| 25 | 25 | | Be It Enacted by the Legislature of the State of Florida: 12 |
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| 26 | 26 | | 13 |
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| 27 | 27 | | Section 1. Paragraph (a) of subsection (13) of section 14 |
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| 28 | 28 | | 215.5551, Florida Statutes, is amended to read: 15 |
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| 29 | 29 | | 215.5551 Reinsurance to Assist Policyholder s program.— 16 |
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| 30 | 30 | | (13) APPROPRIATION. — 17 |
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| 31 | 31 | | (a) Within 60 days after a covered event, the board shall 18 |
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| 32 | 32 | | submit written notice to the Executive Office of the Governor if 19 |
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| 33 | 33 | | the board determines that funds from the RAP program coverage 20 |
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| 34 | 34 | | established by this section will b e necessary to reimburse RAP 21 |
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| 35 | 35 | | insurers for losses associated with the covered event. The 22 |
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| 36 | 36 | | initial notice, and any subsequent requests, must specify the 23 |
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| 37 | 37 | | amount necessary to provide RAP reimbursements. Upon receiving 24 |
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| 38 | 38 | | such notice, the Executive Office of the Go vernor shall instruct 25 |
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| 39 | 39 | | |
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| 40 | 40 | | HB 5013 2025 |
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| 44 | 44 | | CODING: Words stricken are deletions; words underlined are additions. |
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| 45 | 45 | | hb5013-00 |
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| 46 | 46 | | Page 2 of 2 |
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| 47 | 47 | | 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 |
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| 50 | 50 | | |
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| 51 | 51 | | the Chief Financial Officer to draw a warrant from the General 26 |
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| 52 | 52 | | Revenue Fund for a transfer to the board for the RAP program in 27 |
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| 53 | 53 | | the amount requested. The Executive Office of the Governor shall 28 |
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| 54 | 54 | | provide written notification to the chair and vice chair of the 29 |
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| 55 | 55 | | Legislative Budget Commission at least 3 days before the 30 |
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| 56 | 56 | | effective date of the warrant. Cumulative transfers authorized 31 |
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| 57 | 57 | | under this paragraph may not exceed $900 million $2 billion. 32 |
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| 58 | 58 | | Section 2. Section 215.5552, Florida Statutes, is 33 |
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| 59 | 59 | | repealed. 34 |
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| 60 | 60 | | Section 3. This act shall take effect upon becoming a law. 35 |
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