2023 FIGA Assessment Update

Update:  See OIR’s Order to levy 2023 FIGA Emergency Assessment for All Other Account.

On March 31, 2023, the FIGA Board of Directors approved a 1% emergency assessment on its members. FIGA’s emergency assessment is necessary to secure funds for the payment of covered claims relating to the liquidation of United Property & Casualty Insurance Company.

On April 10, 2023, The Florida Office of Insurance Regulation levied a 1% emergency 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% emergency assessment from their policyholders over the Assessment Year starting October 1, 2023 through September 30, 2024 and continuing until the bonds have been paid in full. FIGA will send a notice to all Member Insurers on or before June 30 of the final Assessment Year in which the Bonds will have been repaid in full and are no longer outstanding, informing Member Insurers that they may end collection of the 1% emergency assessment on September 30 of that final Assessment Year.

A public workshop will be held at a date TBD by FIGA to provide members with information on how to report and remit surcharges collected for the 2023 Assessment. A notification will be sent to members regarding the details of the workshop.  The presentation will be uploaded to the website subsequent to the workshop.