The board of directors of the Florida Insurance Guarantee Association (FIGA) has recommended assessments of 0.8 percent for 2009 on All Other Accounts in the program. All Other Accounts are all property lines, excluding automobile physical damage and liability accounts. The assessment requires the Florida Office of Insurance Regulation's approval.
FIGA staff noted that the fund could have cash problems in February or March of 2010 from insurer insolvencies, due to new adverse developments from Poe Financial Group and the recent insolvencies of American Keystone, First Commercial Insurance Cos., and others.
FIGA anticipates $128 million in liabilities, of which $118 million would be needed in assessments. FIGA's current assets total $141 million, with revenue at $57 million.
