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Scope of Cat Fund bill drastically reduced in House as Senate seeks compromise

Lawmakers pushing for a reduction in Florida’s reinsurance fund are holding out hope that some form of their legislation will make it to Gov. Rick Scott’s desk this year.

Rep. Bill Hager, R-Boca Raton, agreed to amend HB 1107 on Tuesday to reduce the total coverage of the Florida Hurricane Catastrophe Fund, or Cat Fund, by $500 million to $16.5 billion ahead of the 2014 hurricane season. His bill originally sought to reduce the total coverage level by $3 billion over three years. Hager is concerned about a potential $1.7 billion shortfall in the Cat Fund should a cataclysmic storm or series of storms exhaust its ability to pay claims.

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