Florida Commission on Hurricane Loss Projection Methodology Publishes Hurricane Standards Report of Activities as of November 1, 2017
Date Published: 12-01-2017
The Florida Commission on Hurricane Loss Projection Methodology ("FCHLPM") has published its statutory Hurricane Standards Report of Activities as of November 1, 2017.
To view the document, click here.
The FCHLPM has operated on a biennial cycle since 2009, when s. 627.0628(3)(e), F.S. was amended to require it to adopt revisions to actuarial methods, principles, standards, models, or output ranges every odd-numbered year. Under the prior law, these revisions were adopted annually.
Thus, the Standards in this most recent Hurricane Standards Report of Activities were revised and adopted on October 25, 2017. The FCHLPM will again adopt revisions them in 2019.
The FCHLPM also notes that, where appropriate, this year's Hurricane Standards Report of Activities refers to flood and attempts to incorporate the references to flood in the context of the FCHLPM duties, but does not contain any specific flood standards, nor does it specifically address the process of reviewing flood models.
Instead, the flood standards and flood model review process are published in the 2017 Flood Standards Report of Activities. Flood models will be reviewed separately from hurricane models using their respective standards as adopted by the FCHLPM.
Pursuant to new law enacted in 2014, the FCHLPM adopted principles, standards, and output ranges for personal lines residential flood loss in June 2017.
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