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ENROLLED HB 5001, ENGROSSED 1 2024 LEGISLATURE ______________________________________________________________________________ SECTION 6 - GENERAL GOVERNMENT 2611 OPERATING CAPITAL OUTLAY FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 1,000 2612 SPECIAL CATEGORIES ACQUISITION OF MOTOR VEHICLES FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 90,000 2613 SPECIAL CATEGORIES FLORIDA PUBLIC HURRICANE LOSS MODEL - OFFICE OF INSURANCE REGULATION FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 7,273,439 From the funds in Specific Appropriation 2613, $2,273,439 shall be transferred to Florida International University and utilized to promote and enhance collaborative research among state universities. The Florida Public Hurricane Loss Model located at Florida International University may consult with the private sector and the Florida Catastrophic Storm Risk Management Center located at the Florida State University to enhance the marketability, viability, and applications of the Florida Public Hurricane Loss Model. The Office of Insurance Regulation (Office) shall have the ability to accurately calculate hurricane risk and project catastrophic losses, and nothing shall interfere with or supersede the Office’s authority to enter into agreements with Florida International University. From the funds in Specific Appropriation 2613, $5,000,000 of nonrecurring funds shall be transferred to Florida International University for the purpose of upgrading and enhancing the capability of the Florida Public Hurricane Loss Model to make improvements in geography and to include perils not currently contemplated in the model including but not limited to severe convective storms. Florida International University shall update the Florida Public Hurricane Loss Model in coordination with the Office of Insurance Regulation and the Division of Emergency Management. The Office of Insurance Regulation is authorized to direct funding provided to Florida International University towards specified programs or initiatives. Florida International University shall, at the direction of the Office of Insurance Regulation, ensure transparent and effective utilization of allocated funds, through periodic reporting requirements and completion of assigned tasks and deliverables. 2614 SPECIAL CATEGORIES FINANCIAL EXAMINATION CONTRACTS - PROPERTY AND CASUALTY EXAMINATIONS FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 3,951,763 2615 SPECIAL CATEGORIES FINANCIAL EXAMINATION CONTRACTS - LIFE AND HEALTH EXAMINATIONS FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 1,950,000 2616 SPECIAL CATEGORIES CONTRACTED SERVICES FROM INSURANCE REGULATORY TRUST FUND . . . . . . . . . . . . . . . 3,963,016 From the funds in Specific Appropriation 2616, $500,000 in nonrecurring funds is appropriated to the Office of Insurance Regulation to procure a study on the benefits and long-term effects of specifying substantial improvement periods, also known as lookbacks, for countries and municipalities, specifying county and municipality ordinance reporting requirements and setting substantial improvement period maximum durations in Florida. For this study, "substantial improvement period" means the calculated length of time for any repair, reconstruction, rehabilitation, or improvement of a structure to harden a home for purposes of resiliency, as a preventative measure rather than in a response to storm. This study shall analyze the impact of substantial improvement periods on community rating system discounts and insurance rates as calculated by FEMA and Florida’s local floodplain managers. In addition, the study should address any concerns with local ordinances that make allowances for the repair or replacement of the 392