Florida’s Citizens Property Insurance to Reinstate 2012 FIGA Assessment
Jan 3, 2017
Florida’s Citizens Property Insurance Corporation (“Citizens”) advised today, January 3, 2017, that it will reinstate the 2012 Florida Insurance Guaranty Association (“FIGA”) assessment for both Citizens’ Personal and Commercial Lines policies. The Florida Office of Insurance Regulation (“OIR”) approved the reinstatement because Citizens’ recoupment of the assessment was not yet complete.
Citizens recoupment of FIGA assessments on its Personal Lines policies, which were scheduled to end on January 9, 2017, will be reinstated for new and renewal policies effective on or after March 1, 2017. The OIR approved reinstating the assessment for Citizens’ new and renewal policies effective on or after March 1, 2017.
Citizens’ Personal Lines FIGA assessment:
- Will be reinstated with a new factor of .0014 (or 0.14 percent)
- Excludes Citizens Homeowners 8 – Modified Coverage Form (CIT HO-8) policies
- Is scheduled to be collected for one year
- Will have a minimum charge of $1
Citizens recoupment of FIGA assessments on its Commercial Lines policies, which ended on November 30, 2016, also is not complete. Accordingly, the OIR also approved a reinstatement of these assessments for Citizens’ new and renewal policies effective on or after March 1, 2017.
Citizens’ Commercial Lines FIGA assessment:
- Will be reinstated with a new factor of .0013 (or 0.13 percent)
- Is scheduled to be collected for one year
- Will have a minimum charge of $1
For both types of policies, the 2012 Florida Insurance Guaranty Association Regular Assessment will be listed on Declarations pages under the “additional charge” section.
For agents, rating worksheets and manuals have been updated as needed on Citizens’ Agents site.
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