Full text and statutory guidelines for the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Florida Post Assessment Property and Liability Insurance Guaranty Association Model Act
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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.
The guaranty association's coverage of insurance company insolvencies is funded by post-insolvency assessments of the other guaranty association member companies. These assessments are based on each member's share of premium during the prior three years.
FIGA was created by legislation to handle the claims of insolvent property and casualty insurance companies. Statutory limits apply. The assessment factor is . 007 (or 0.7%) and will have a minimum charge of $1.
All FIGA claims are subject to a $100 deductible. The maximum amount FIGA will cover is generally $300,000 per covered claim.
The guaranty association's coverage of insurance company insolvencies is funded by post-insolvency assessments of the other guaranty association member companies. These assessments are based on each member's share of premium during the prior three years.
Once an insurer has been declared insolvent, the insurance department determines the value of the company's remaining assets. It then calculates the amount of money the guaranty association will need to pay claims. This amount is assessed by insurers.