That bill died last March. But it's analysis had some interesting info:
The October 18, 2011, estimate noted that the FHCF’s total obligations of $18.389 billion exceed the projected year-end fund balance of $7.170 billion, thus the FHCF may need to raise up to $11.219 billion through bonding in order to fund its liabilities.
The senior managers from Citi, Goldman Sachs, J.P. Morgan, and Barclays estimated the bonding capacity of the FHCF to be from $5 billion to $11 billion over the 12 months following a storm, leading to an average estimate of $8 billion in bonding capacity. However, the estimate anticipates that the FHCF will have an additional bonding capacity of $6 billion from 12 to 24 months after the hurricane, which would enable the FHCF to pay its entire obligations and leave an estimated $2.78 billion in bonding capacity to fund losses in a subsequent hurricane season.
Sen. Alexander believes that the FHCF is "short $3 billion in being able to meet the statutory commitments in the cat fund." So, in turn, he has introduced a "Florida Insurance Tax Pre-Payment Program" to the state's budget, which would increase money going into the FHCF. The Insurance Journal offers the following description
The plan envisions insurers and financial institutions purchasing tax credits whereby they would receive a discount on the dollar for paying their state premium taxes early. The plan calls for insurers and banks to receive up to $1.5 billion in tax credits over 10 years. That money would then be lent to the cat fund, which would have to pay it back to the state.
But this did not pass either- vetoed by the Governor.It would mark the first time the cat fund has ever borrowed money from the state’s general revenue fund. That means if the cat fund is unable to pay its debt due to overwhelming hurricane losses it could have an impact on the state’s credit rating.