MEETING OF THE

STATE BOARD OF ADMINISTRATION

(Contact Person: Dorothy Westwood - 488-4406)

THE CAPITOL

March 10, 1998

1. Approval of minutes of meeting held on February 10, 1998. (Att. #1)

2. FLORIDA HURRICANE CATASTROPHE FUND:

A. The Florida Hurricane Catastrophe Fund requests that, pursuant to Section 215.555(5)(b), Florida Statutes, the Trustees approve the premium formula for the 1998-1999 contract year. The Advisory Council approved the premium formula on March 5, 1998.

B. The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rules for notice to implement the 1998-1999 contract year: the amendment of Rule 19-8.010 to adopt the reimbursement contract for the 1998-1999 contract year; and new rules 19-8.024, regarding definitions for the 1998-1999 contract year, 19-8.025, regarding the 1998 premium formula, 19-8.026, regarding the 1998 insurer reporting requirements. The proposed new and amended rules were the subject of a rule development workshop on February 5, 1998, and were approved by the Advisory Council for filing for notice on March 5, 1998.

C. The Florida Hurricane Catastrophe Fund requests that the Trustees approve filing the following rule for notice of repeal: Rule 19-8.008, as unnecessary. This rule recites that the Department of Insurance shall enforce any violation of Section 215.555 as if it were a violation of the Florida Insurance Code. This rule duplicates existing Section 215.555(10) and is therefore not needed. The Advisory Council approved filing the repeal of this rule for notice on March 5, 1998. (Back-up to follow)

3. REPORTS BY THE EXECUTIVE DIRECTOR:

Submitted for information and review are the investment performance and fund balance analysis for the month of January 1998. (Att. #3)