Statutes Constitution. View Statutes. Online Sunshine1 FINDINGS AND PURPOSE. The Legislature finds and declares as follows a There is a compelling state interest in maintaining a viable and orderly private sector market for property insurance in this state. Csi Manual Manual Practice Project Resources. To the extent that the private sector is unable to maintain a viable and orderly market for property insurance in this state, state actions to maintain such a viable and orderly market are valid and necessary exercises of the police power. As a result of unprecedented levels of catastrophic insured losses in recent years, and especially as a result of Hurricane Andrew, numerous insurers have determined that in order to protect their solvency, it is necessary for them to reduce their exposure to hurricane losses. Also as a result of these events, world reinsurance capacity has significantly contracted, increasing the pressure on insurers to reduce their catastrophic exposures. Mortgages require reliable property insurance, and the unavailability of reliable property insurance would therefore make most real estate transactions impossible. In addition, the public health, safety, and welfare demand that structures damaged or destroyed in a catastrophe be repaired or reconstructed as soon as possible. Therefore, the inability of the private sector insurance and reinsurance markets to maintain sufficient capacity to enable residents of this state to obtain property insurance coverage in the private sector endangers the economy of the state and endangers the public health, safety, and welfare. Accordingly, state action to correct for this inability of the private sector constitutes a valid and necessary public and governmental purpose. The insolvencies and financial impairments resulting from Hurricane Andrew demonstrate that many property insurers are unable or unwilling to maintain reserves, surplus, and reinsurance sufficient to enable the insurers to pay all claims in full in the event of a catastrophe. State action is therefore necessary to protect the public from an insurers unwillingness or inability to maintain sufficient reserves, surplus, and reinsurance. A state program to provide a stable and ongoing source of reimbursement to insurers for a portion of their catastrophic hurricane losses will create additional insurance capacity sufficient to ameliorate the current dangers to the states economy and to the public health, safety, and welfare. It is essential to the functioning of a state program to increase insurance capacity that revenues received be exempt from federal taxation. It is therefore the intent of the Legislature that this program be structured as a state trust fund under the direction and control of the State Board of Administration and operate exclusively for the purpose of protecting and advancing the states interest in maintaining insurance capacity in this state. Hurricane Andrew, which caused insured and uninsured losses in excess of 2. Debt relief programs hurt your credit report, credit score, or both. Credit counseling, bankruptcy, or settling debt learn about the help and the harm. Get expert advice for all your financial questions, from spending, saving and investing smartly to tackling taxes to buying a home to getting the right insurance. Example Hardship Letter One of the items your lender or servicer will ask for during the loan workout or loan modification process is a hardship letter. Eligibility Requirements FLVS Full Time. Student enrollment requirements for FLVS Full Time are determined by the state of Florida. Before enrolling, review the. Our comprehensive guide to the STATE ASSISTANCE programs in the United States for low income households single moms, seniors, individuals who have lost their jobs. If you choose to verify assets, banks and lenders will ask for a certain reserve requirement that must be met to qualify for the loan, including a mortgage down. Mortgage Hardship Programs Florida' title='Mortgage Hardship Programs Florida' />Florida HardestHit Homes Program Featured Article 10 15 2010 U. S. Treasury Approves Floridas Mortgage Intervention Strategy for Hardest Hit Fund. This article gives 7 reasons to sue your lender to resolve your troubled mortgage. Sometimes lenders play hardball and suing is your best option. FHA-Mortgage-Lenders-Info.jpg' alt='Mortgage Hardship Programs Florida' title='Mortgage Hardship Programs Florida' />Florida. Recognizing that a future wind catastrophe could cause damages in excess of 6. Legislature to balance equitably its concerns about mitigation of hurricane impact, insurance affordability and availability, and the risk of insurer and joint underwriting association insolvency, as well as assessment and bonding limitations. DEFINITIONS. As used in this section a Actuarially indicated means, with respect to premiums paid by insurers for reimbursement provided by the fund, an amount determined according to principles of actuarial science to be adequate, but not excessive, in the aggregate, to pay current and future obligations and expenses of the fund, including additional amounts if needed to pay debt service on revenue bonds issued under this section and to provide required debt service coverage in excess of the amounts required to pay actual debt service on revenue bonds issued under subsection 6, and determined according to principles of actuarial science to reflect each insurers relative exposure to hurricane losses. Covered event means any one storm declared to be a hurricane by the National Hurricane Center, which storm causes insured losses in this state. Covered policy means any insurance policy covering residential property in this state, including, but not limited to, any homeowner, mobile home owner, farm owner, condominium association, condominium unit owner, tenant, or apartment building policy, or any other policy covering a residential structure or its contents issued by any authorized insurer, including a commercial self insurance fund holding a certificate of authority issued by the Office of Insurance Regulation under s. Citizens Property Insurance Corporation, and any joint underwriting association or similar entity created under law. The term covered policy includes any collateral protection insurance policy covering personal residences which protects both the borrowers and the lenders financial interests, in an amount at least equal to the coverage for the dwelling in place under the lapsed homeowners policy, if such policy can be accurately reported as required in subsection 5. Additionally, covered policies include policies covering the peril of wind removed from the Florida Residential Property and Casualty Joint Underwriting Association or from the Citizens Property Insurance Corporation, created under s. Florida Windstorm Underwriting Association, created under s. Citizens Property Insurance Corporation. Each assumption agreement between the association and such authorized insurer or Citizens Property Insurance Corporation must be approved by the Office of Insurance Regulation before the effective date of the assumption, and the Office of Insurance Regulation must provide written notification to the board within 1. Covered policy does not include any policy that excludes wind coverage or hurricane coverage or any reinsurance agreement and does not include any policy otherwise meeting this definition which is issued by a surplus lines insurer or a reinsurer. All commercial residential excess policies and all deductible buy back policies that, based on sound actuarial principles, require individual ratemaking shall be excluded by rule if the actuarial soundness of the fund is not jeopardized. For this purpose, the term excess policy means a policy that provides insurance protection for large commercial property risks and that provides a layer of coverage above a primary layer insured by another insurer. Losses means all incurred losses under covered policies, including additional living expenses not to exceed 4.