2020 Assessment Update
FIGA is closely monitoring the fund balance of the Auto account to ensure cash is available to pay covered claims and expenses related to the recent insolvencies of Windhaven Insurance Company and Windhaven National Insurance Company. Should the need arise, FIGA is prepared to work with OIR to levy an assessment to secure additional funding. However, at this time, no assessments have been levied for 2020.
The following chart shows ten (10) year history of prior assessments in descending order for each account.
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.