New Emergency Assessments – FHCF
The Office of Insurance Regulation issued an order levying a new emergency assessment for the Florida Hurricane Catastrophe Fund. Effective January 1, 2011 insurers are to begin collecting 1.3% assessments on all applicable policies. This assessment will replace the existing assessment levy of 1.0%. The increase comes primarily has the result of claims from Hurricanes Dennis, Katrina, Rita and Wilma from the 2005 season. There have been an unexpected number of late or reopened claims from those storms.