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Record Group Number: 000120
Series/Collection Number: .S 2201
Creator: Florida. State Board of Administration.
Title, Dates: Florida Hurricane Catastrophe Fund administrative files, 1993-2013.
Amount: 8 cubic ft.
Medium Included:
Organization/Arrangement: By topic or record type, then sometimes chronological.
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Biographical/Historical:     The State Board of Administration (SBA) is a constitutional entity of Florida state government that provides a variety of investment services to various governmental entities. Created by the Florida Legislature in 1929 (Chapter 14486, Laws of Florida; amended to the 1885 Constitution as Article IV, Section 16, 1942, Senate Joint Resolution 324, 1941; continued under Article XII, Section 9, 1968 Constitution and Ch. 69-106, Laws), its members are the Governor, the Chief Financial Officer, and the Attorney General. The Board's statutory mandate is to invest, manage and safeguard assets of the Florida Retirement System (FRS) and its 25 trust funds and pension plans used for a number of investment services. In addition, the SBA provides administrative services to the Florida Prepaid College Board and the Division of Bond Finance.

    The Florida Legislature created the Hurricane Catastrophe Fund (FHCF) in November 1993 during a special session after Hurricane Andrew (Chapter 93-409, codified as Section 215.555, Florida Statutes).  The FHCF is a tax-exempt state trust fund under the direction of the State Board of Administration. The purpose of the FHCF is to protect and advance the state's interest in maintaining insurance capacity in Florida by providing reimbursements to insurers for a portion of their catastrophic hurricane losses. Each residential property insurer is required to enter into a contract with the State of Florida to pay premiums to the FHCF in order to receive reimbursement from the Fund. A nine member advisory council provides the SBA with information and advice.

Summary:     This series documents the establishment, organization, and activities of the Florida Hurricane Catastrophe Fund (FHCF) in response to the devastation of Hurricane Andrew in 1992.  Records include correspondence, reports, and other records documenting the development of the initial establishing legislation; development of the reimbursement agreement; audit procedures; and draft rules and rule development activities.

    This series also includes reocrds documenting the creation and administration of the Insurance Capital Build-Up Incentive Program, established in 2006to provide an incentive for investors to commit additional capital to Florida's residential insurance market and to write a minimum level of premiums for residential hurricane coverage.

Finding Aids: Folder listing available. 0
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Subject Access Fields: Hurricane Andrew, 1992
Hurricanes Florida
Disaster relief Florida
Emergency management Florida
Emergency preparedness.
Machine-readable artifacts. aat
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