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HB 5013 — State-funded Property Reinsurance Programs
by Budget Committee and Rep. McClure
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Appropriations Committee (AP)
HB 5013 reduces, from $2 billion to $900 million, the General Revenue (GR) Fund transfers authorized under the Reinsurance to Assist Policyholders (RAP) Program to reimburse eligible insurers for covered losses. The bill repeals the Florida Optional Reinsurance Assistance (FORA) Program, including $1 billion of authorized General Revenue Fund transfers that are available under the program to reimburse eligible insurers for covered losses.
By reducing the cap for transfers to the RAP program and repealing the FORA program, the bill increases the amount of unallocated General Revenue funds available by $2.1 billion.
If approved by the Governor, or allowed to become law without the Governor’s signature, these provisions take effect upon becoming law.
Vote: Senate 32-0; House 108-0