News & Updates


FPIC hit with $1.2 million assessment

Jacksonville-based FPIC Insurance Group will take a $1.2 million hit to its fourth-quarter earnings as a result of a Florida Insurance Guaranty Fund assessment, the medical professional liability insurance company said Wednesday.

The Florida Office of Insurance Regulation, at the request of the Florida Guaranty Association, has levied an assessment upon Florida property and casualty insurance companies to pay claims covered by the Florida Guaranty Association and related administration costs.

The assessment is 1/8 percent of each insurer’s 2008 Florida direct written premiums and is payable by December 15. Accordingly, Jacksonville-based FPIC said it will include a $1.2 million pre-tax charge in its operating results for the fourth quarter of 2009.

As allowed by Florida law, FPIC’s insurance subsidiaries are entitled to recoup this assessment from their Florida policyholders and intend to make the necessary filings to do so.