Questions Raised about FIGA Board Changes, Now With No Auto Insurer Reps
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News & Updates
Florida Insurance Guaranty Association
Legislative Session Creates Fast Start to New Year
With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur. The Florida legislature has one 60-day regular session each year. This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session. The new law took effect mid-year, […]
Department of Revenue Issues TIP on FIGA Assessments
The Florida Department of Revenue has issued TIP #16B8-02 advising of a change in Florida’s premium tax laws effective July 1, 2016. The TIP specifies that assessments levied by the Florida Insurance Guaranty Association will no longer be subject to the insurance premium tax. The TIP reflects changes to section 631.914, Florida Statutes, that were […]
Department of Revenue Issues Guidance on FIGA Recoupments
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, […]
New Law Clarifies FIGA Recoupment Receivables are Admitted Assets
The legislature passed HB 189 in the 2015 regular session relating to the admissibility of receivables arising from the recoupment of Florida Insurance Guaranty Association (FIGA) assessments. Upon now being approved by the Governor, the new law takes effect July 1, 2015. The new law relates to FIGA assessments that are paid by an insurer before being […]
Omnibus Bill (HB 165) Signed Into Law
In the 2015 session, House Bill 165 became the vehicle that carried a variety of changes to the Florida Insurance Code. The bill passed both chambers of the legislature and now has been signed into law. Key provisions of the bill take effect July 1. Among its provisions, the new law: Eliminates the requirement for insurers […]
Florida Jury Deliberates Deloitte Auditing Case
hurricane season, Insurance Regulation News, Florida Insurance Guaranty Association, Florida Department of Financial Services, auditing, 2004 hurricane season, Insurance Regulation
Legislative Committees Take Up a Range of Bills
Insurance committees in both the House of Representatives and the Senate meet today to consider a range of bills. The action begins in the House at 9:00, where the committee will hear HB 715 relating to Citizens Property Insurance Corporation as well as several other measures. In the afternoon, the Senate Banking & Insurance Committee […]
Busy Week for Insurance Legislation
Several legislative committees will hear bills this week relating to key insurance issues. The House Banking and Insurance Subcommittee is expected to consider a bill allowing commercial motor vehicle and personal lines property and casualty insurance policies to be posted to the Internet rather than physically delivered in certain circumstances. The House committee also is […]
FIGA Assessment Payable by December 31
At the recommendation of the Florida Insurance Guaranty Association (FIGA), the Office of Insurance Regulation has issued an order levying an assessment of 0.9% of net direct written premiums for FIGA’s “All Other” account. This account encompasses most lines of property and casualty insurance other than auto and workers’ compensation. For example, it includes fire, […]