SB 1454-Relating to Florida Hurricane Catastrophe Fund
On Tuesday, February 20th, SB 1454, by Senator Jeff Brandes (R-St. Petersburg) was heard by the Senate Committee on Banking and Insurance and passed by a vote of 8 yeas to 3 nays. AIF stood in opposition of this bill.
This bill eliminates the cash build-up factor for the Florida Hurricane Catastrophe Fund, depleting necessary reserves that protect Florida from devastating hurricanes.
SB 1454 will go on to the Senate Appropriations Subcommittee on General Government to be heard.
AIF opposes this legislation as it risks depleting the cash build-up of the fund, making it more likely that Floridians and business owners could see another “hurricane tax” in the future.