2022B FIGA Assessment Update

Update:  See OIR’s Order to levy 2022B FIGA Assessment for All Other Account.

On August 19, 2022, the FIGA Board of Directors approved a .70% assessment on its members. FIGA’s new assessment is necessary to secure funds for the payment of covered claims relating to the liquidation of Southern Fidelity Insurance Company and Weston Property and Casualty Insurance Company.

On August 26, 2022, The Florida Office of Insurance Regulation levied a .70% 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 .70% assessment from their policyholders over the Assessment Year starting January 1, 2023 through December 31, 2023.

This assessment is in addition to FIGA’s 1.3% assessment levied by Florida Office of Insurance Regulations back on March 11, 2022.

A public workshop will be held on September 21 by FIGA to provide members with information on how to report and remit surcharges collected for the 2022 Assessments. The presentation will be uploaded to the website subsequent to the workshop.