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Senate committee backs bill creating insurance research center and moves state loss model to FSU
Summary
Senate Bill 114 would establish a Center of Excellence in Insurance and Risk Management at Florida State University, shift the state's public hurricane loss projection model to FSU and provide recurring and nonrecurring funding; the committee reported the bill favorably after brief discussion and informational testimony.
Senate Bill 114, sponsored by Senator Trumbull, was reported favorably by the Senate Higher Education Appropriations Committee on March 1. The bill would create a Fortis Center of Excellence in Insurance and Risk Management at Florida State University, move the state's public hurricane loss projection model to FSU, and appropriate recurring and nonrecurring funds to support the work.
"If you do not measure it, you cannot manage it," Senator Trumbull said while outlining the intent to centralize and expand the state's insurance research capability. The bill, the senator said, is intended to create a “premier academic insurance research center” that would study all lines of insurance and provide research responsive to requests from legislative leadership and regulators.
The bill designates the public hurricane loss projection model — a publicly available modeling tool that state regulators have used to evaluate risk and file reviews — to be administered at FSU instead of its current university affiliation. Senator Trumbull said the Office of Insurance Regulation (OIR) currently contracts with a university to host the model and would contract with FSU under the bill; the model's ownership remains with OIR.
The legislation appropriates $5,000,000 in recurring funds and $1,500,000 in nonrecurring funds to a state university to support the center and model transition. Doctor Charles Nice, chair of FSU's department for risk management and insurance, appeared for informational purposes and identified himself as a FSU College of Business faculty member during the hearing.
Senator Davis asked whether the center is the first of its kind in the state and how the change would affect the university currently hosting the public model and its other research infrastructure, such as a wind‑test facility. Senator Trumbull responded that the public loss model would move contractually from the current host to FSU but that specific facilities — including a federally funded "Wall of Wind" testing facility mentioned during questions — would remain at their institutions if they hold separate grants or agreements.
After brief discussion and no recorded public opposition testimony, the committee closed debate and the clerk called a roll. Senators present voted to report SB 114 favorably, and the bill will proceed through the Senate process.
