For securing funds necessary for the payment of claims covered by FIGA
FPIC Insurance Group (FPIC) has announced that the Florida Office of Insurance Regulation (Florida OIR), at the request of the Florida Guaranty Association (FIGA), has levied an assessment upon subject property and casualty insurance companies operating in Florida.
The step has been undertaken to secure funds necessary for the payment of claims covered by FIGA and related administration costs.
The company stated that the assessment is 0.8% of each insurer’s 2008 Florida direct written premiums which is payable by December 15, 2009.
Reportedly, FPIC intends to include a $1.2m pre-tax charge for this assessment in its operating results for the fourth quarter of 2009. As per the 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.
FPIC Insurance Group, through its subsidiary companies, is a provider of medical professional liability insurance for physicians, dentists and other healthcare providers.