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.
A public workshop was held March 30, 2022 by FIGA to provide members with information on how to report and remit surcharges collected for the 2021 and 2022 Assessments. This presentation is now available below.
2021 Assessment Update
Update: See OIR’s Order to levy 2021 FIGA Assessment for All Other Account
The FIGA Board of Directors certified the need for a 0.70% assessment on its member insurers at its August 26, 2021 meeting. The assessment is necessary to secure funds for the payment of covered claims related to new insolvencies in FIGA’s Other Account.
The Florida Office of Insurance Regulation levied a 0.70% assessment on all covered lines of business except auto pursuant to Section 631.55 (2)(b), Florida Statutes. Member insurers will be required to collect an equivalent surcharge on new and renewal policies with effective dates beginning January 1, 2022 through December 31, 2022. Member insurers will remit surcharge assessments quarterly on or before July 1, 2022, October 1, 2022 and December 1, 2022. Members will remit their final installment for the remaining assessment surcharges collected along with a 2022 direct written premium verification report to FIGA on or before March 31, 2023.
The National Conference of Insurance Guaranty Funds publishes on their website actual and projected assessment information for all P&C guaranty funds by quarter-end. The Assessment Liability Report can be found at https://www.ncigf.org/industry/guaranty-fund-assessment-liability-information/. The Assessment Liability Report includes – by statutory account of each state guaranty fund – the maximum assessment, net assessable premium and actual and projected assessment information.
Additional information about the FIGA assessment process is available in Senate Bill 540 enacted into law on June 20, 2020.
The following chart shows the twelve (12) year history of prior assessments in descending order for each account.