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Florida Hurricane Catastrophe Fund2021 Rate making Formula Report
Andrew Rapport, FCS, FSA, MAYA
Jared Brown, Caudate
Date: March 16, 2021,
Paragon Strategic Solutions Inc.
Paragon Strategic
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Visit the Florida Hurricane Catastrophe Fund website.
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Who needs florida hurricane catastrophe fund?
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Insurance companies in Florida that provide property insurance are typically the ones who need to fill out the Florida Hurricane Catastrophe Fund to protect their policyholders in the event of a catastrophic hurricane.
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What is Florida Hurricane Catastrophe Fund?
The Florida Hurricane Catastrophe Fund is a state-run fund designed to provide additional reinsurance to insurance companies in Florida following a hurricane, helping to stabilize the insurance market and ensure coverage availability.
Who is required to file Florida Hurricane Catastrophe Fund?
Insurance companies that issue residential property insurance policies in Florida are required to file with the Florida Hurricane Catastrophe Fund to access its benefits.
How to fill out Florida Hurricane Catastrophe Fund?
Insurance companies must complete the designated forms provided by the Florida Hurricane Catastrophe Fund and submit them along with any required documentation to the Florida Department of Financial Services.
What is the purpose of Florida Hurricane Catastrophe Fund?
The purpose of the Florida Hurricane Catastrophe Fund is to enhance the capacity of insurers to pay claims resulting from hurricane damage and to provide stability to Florida's property insurance market.
What information must be reported on Florida Hurricane Catastrophe Fund?
Companies must report information including the amount of insured losses, premiums collected, and other relevant financial data regarding hurricane-related claims.
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