Skip to Content

Where does the FIGA get the money to pay the claims?

FIGA is partially funded by assets of insolvent insurers.  Receivers marshal estate assets and reimburse FIGA for paid claims and administrative costs related to the FIGA’s claim paying activities.

The other source of funding is member company assessments.  FIGA’s assessments are capped at 2% of a company’s net direct premium for regular assessments, and an additional 2% for emergency assessment for insolvencies relating to hurricanes, on premium written in similar lines of business in Florida. The other source of funding is distributions from receivers of the insolvent insurance companies.