Legislation to establish a new statewide hub for insurance and risk management research advanced on Monday, passing the Appropriations Committee on Higher Education by unianimous vote.

Senate Bill 114 (SB 114) filed by Sen. Jay Trumbull, would create the Florida Center for Excellence in Insurance and Risk Management at Florida State University’s College of Business. The center would replace the former Florida Catastrophic Storm Risk Management Center, which ceased operations after state funding ended in 2016. Unlike its predecessor, which focused exclusively on hurricane-related risks, the new center would be tasked with researching all lines of insurance and risk management, with an emphasis on improving the affordability, availability, and regulation of insurance products in Florida.

Under the proposal, the center would assist the Legislature in evaluating policy options and identifying emerging issues in the insurance market. Areas of inquiry may include storm forecasting, reinsurance and insurance-linked securities markets, as well as building mitigation strategies, claims-handling practices, and consumer protections.

The bill directs the center to collaborate with the Office of Insurance Regulation to conduct a biennial analysis of Florida’s property insurance market. The report must assess current conditions and project trends over one-, five-, 10-, and 20-year intervals, and include recommendations to improve market stability, affordability, and the state’s resilience to catastrophic events. If the legislation is enacted, the first report would be due by Jan. 1, 2026.

Operational control of the state’s Public Hurricane Loss Projection Model would also be shifted from Florida International University to Florida State University. The model, which is used by regulators and insurers to assess hurricane-related risk and inform rate filings, was initially developed at FIU in 2006 and is maintained by a consortium of academic and technical experts from multiple institutions. While the model’s development team will continue to include personnel from FIU and other universities, FSU would assume management under a new contract with the Office of Insurance Regulation.

The bill further specifies that the model must be continuously evaluated and updated to ensure it possesses the same capabilities as private-sector models approved by the Florida Commission on Hurricane Loss Projection Methodology.

Moreover, the bill mandates a new collaborative program between the center, the Office of Insurance Regulation, and Florida State University’s actuarial science program to encourage students to pursue careers in public-sector insurance and risk analysis.

To support the initiative, SB 114 appropriates $5 million in recurring funds and $1.5 million in nonrecurring funds from the General Revenue Fund to Florida State University for the 2025–2026 fiscal year.