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The Florida Department of Revenue has issued guidance to insurers relating to their recoupments of Florida Insurance Guaranty Association (FIGA) assessments. Due to a law change passed in the 2015 regular session, recoupments of both regular and emergency FIGA assessments will not be subject to the insurance premium tax. The Department of Revenue’s guidance notes, […]
The Office of Insurance Regulation has issued an order to insurers advising that the Citizens Property Insurance Corporation emergency assessment relating to a 2005 plan year deficit will end effective July 1, 2015. The OIR’s order follows action by the Citizens Property Insurance Corporation Board of Governors relating to the defeasance of bonds issued in […]
The legislature passed a bill in the recently concluded 2012 session changing the way Citizens will recover deficits through assessments. The bill was unique in that it enjoyed broad support from the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens Property Insurance Corporation and the insurance industry. Despite this support, the proposal was in […]
The Florida House of Representatives has advanced HB 1127 by a vote of 89-25, sending it to the Senate for consideration. This is the bill that would decrease the reliance of Citizens Property Insurance Corporation on regular assessments, shifting instead to more of an emergency assessment-based approach. This is a rare bill in which Citizens, […]
The House insurance and banking subcommittee today considers a bill (HB 1127) that has broad support and would be one component of restoring private sector interest in the Florida property insurance market. The bill would reduce Citizens Property Insurance Corporation’s reliance on so-called regular assessments in favor of emergency assessments. The difference, of course, is […]
Citizens Property Insurance Corporation has announced that the emergency assessment in effect to pay for 2004 and 2005 storm bonds will remain at 1%. This follows an earlier reduction in the assessment from 1.4% to 1%. Citizens revisits the assessment amount annually to ensure the assessments are generating enough money to retire the bonds. If the […]
