TAMPA BAY, Fla. — June 30 was the last day for Florida property insurance companies that opted into the state’s Reinsurance Assistance Program (RAP) and could apply for rate cuts.
Florida Bureau of Insurance Regulation (FLOIR) database shows 51 deposits under the Senate Bill 2D RAP fund, from 44 separate companies.
This is $2 billion made available at May special session to help insurers secure enough reinsurance for the 2022 hurricane season.
Under the bill, this now means that between this year and 2023, these companies will have to reduce customer premiums to reflect the savings the company has made through the scheme.
It could be as high as 4%, but the CEO of an insurance company said his drop would be closer to 2%. The CEO added that premiums will increase further in the future due to the cost of obtaining the rest of their reinsurance package from other financial institutions.
To view filings, status, and effective dates, Click here and follow these steps:
- Click on the “Advanced Search” tab at the top of the page.
- Select “Immunity”
- In the Keywords box, enter “SB 2D: RAP Filing” and click Search.
We are still awaiting information on the status of all Florida companies obtaining reinsurance.