Citizens will begin collecting the 2022-B Florida Insurance Guaranty Association (FIGA) assessment, as ordered by the Office of Insurance Regulation (OIR), for new and renewal policies effective July 1, 2022, through June 30, 2023.
The additional approved assessment is necessary to recover and handle funds for claims due to the insolvency of insurance companies.
FIGA was created by legislation to handle the claims of insolvent property and casualty insurance companies. Statutory limits apply.
The assessment factor is .013 (or 1.3%) and will have a minimum charge of $1.
Note: This is in addition to the 2022 FIGA assessment announced in the November 1, 2021, Commercial Lines Bulletin.
The 2022-B FIGA Regular Assessment will display in PolicyCenter® in the Mandatory Additional Surcharges section.
The 2022-B Florida Insurance Guaranty Association (FIGA) Regular Assessment will display on the Declarations page in the Required Additional Charges section.
Rating worksheets and rates and rating rules manuals will be updated on the Agents site. Select Commercial and the appropriate policy form. Select Rating Worksheets or Manuals from the center menu.
For more information regarding FIGA, visit www.figafacts.com.
