Panel OKs Rule for Influx of 2005 Florida Storm Claims

May 18, 2011

A panel chaired by Gov. Rick Scott has agreed to file an emergency rule giving the Florida Hurricane Catastrophe Fund more time to respond to an influx of claims from 2005 storms.

The filing approved Tuesday would let the State Board of Administration waive a 60-day deadline for acting on claims forwarded from the states 67 property insurance companies.

The so-called “cat fund” provides backup coverage if claims exceed a company’s ability to pay them.

The board’s executive director, Ash Williams, said an unusually large number of claims were filed for 2005 storms shortly before the five-year deadline.

Williams said most were from Hurricane Wilma and a large number are for condominiums.

Other board members are Chief Financial Officer Jeff Atwater and Attorney General Pam Bondi.

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