Emergency Citizens Assessment on Policies Issued or Renewed on or After July 1

This is a reminder that on January 11, 2007, the Florida Office of Insurance Regulation (OIR) issued an Order approving the certification of an Emergency Assessment by Citizens Property Insurance Corporation (Citizens) for its High Risk Account.

The Order requires insurers to begin collecting the emergency assessment for policies issued or renewed on or after July 1, 2007.

Emergency assessments are due and payable to Citizens as they are collected from policyholders by those insurers who are subject to the assessment.

Surplus lines insureds are also subject to the Emergency Assessment, which is collected by the surplus lines agent, remitted to the Florida Surplus Lines Servicing Office, and then forwarded to Citizens.

Instructions and guidance regarding financial reporting related to the assessment can be found in SSAP 35 – Guaranty Fund and Other Assessments within the Accounting Practices and Procedures Manual, published by the National Association of Insurance Commissioners.

More information and a copy of the OIR Informational Memoranda on the subject are available by clicking here and here.

 

Should you have any comments or questions, please do not hesitate to contact this office.