Florida: FIGA Approves Emergency 1.00% Assessment
On April 10, 2023, Florida OIR (Office of Insurance Regulation) approved the FIGA Board of Directors certification levying a 1.00% emergency assessment on premium written on all new and renewal account policies issued between October 1, 2023 and September 30, 2024 or until the bonds for this assessment have been paid in full.
As a result, Canal will be passing this additional FIGA surcharge of 1.00% through to policyholders beginning October 1, 2023, which will apply to Cargo and General Liability lines of business. It will be displayed as a line item on the IL 02, IG 01, IM 01 and Quote Summaries.
There will be a period of time when FIGA surcharges overlap. For ease, Compliance has created a helper sheet (linked here) which outlines the assessments and how Canal is recouping from insureds.
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