The 2007 Legislature passed HB 1A during the Special Legislative Session in January 2007, effective January 25, 2007, and CS/SB 2498, effective upon becoming law, during the 2007 Regular Legislative Session. This legislation impacts the Insurance Capital Build-Up Incentive Program (Program), which was created by the Legislature in 2006. The purpose of this Program is to increase the availability of residential property insurance covering the risk of hurricanes in Florida and to mitigate premium increases. The State Board of Administration of Florida (Board) is directed to administer the Program. The 2007 Hurricane Season began on June 1, 2007, and the funding for this Program reverts to General Revenue on June 30, 2007; therefore, time is of the essence to implement these new changes to the Program.