2022 Assessment Update
Update: See OIR’s Order to levy 2022 FIGA Assessment for All Other Account.
On March 8, 2022, the FIGA Board of Directors approved a 1.3% assessment on its members. FIGA’s new assessment is necessary to secure funds for the payment of covered claims relating to the liquidation of St. Johns Insurance Company.
On March 11, 2022, The Florida Office of Insurance Regulation levied a 1.3% assessment on all covered lines of business except auto pursuant to Section 631.55 (2)(b), Florida Statutes. Member insurers will collect then remit assessments to FIGA on a quarterly basis as per Section 631.57(3)(f)2, Florida Statutes. FIGA members will be able to recoup the 1.3% assessment from their policyholders over the Assessment Year starting July 1, 2022 through June 30, 2023.
This assessment is in addition to FIGA’s .70% assessment levied by Florida Office of Insurance Regulations back on October 11, 2021.
FIGA plans to hold a public workshop during March 2022 to explain the reporting and remittance process for both its assessments.