Florida Office of Insurance Regulation: Citizens High-Risk Account 2005 Emergency Assessment Reduced
Apr 6, 2011
The Florida Office of Insurance Regulation released an Informational Memorandum on April 4, 2011 to notify all assessable insurers and surplus lines insurers that Citizens Property Insurance Corporation has reduced the Emergency Assessment for the 2005 Plan Year within the High Risk Account from 1.4 percent to 1.0 percent, effective July 1, 2011.
The Memorandum is reprinted below and can also be viewed by clicking here.
Should you have any comments or questions, please contact Colodny Fass.
INFORMATIONAL MEMORANDUM
OIR-11-03M
ISSUED
April 4, 2011
Florida Office of Insurance Regulation
Kevin M. McCarty, Commissioner
ALL ASSESSABLE INSURERS AND SURPLUS LINES INSURERS
Please be advised that Citizens Property Insurance Corporation (Citizens) Emergency Assessment for the 2005 Plan Year for the High Risk Account which was assessed pursuant to an Order Approving Certification of Emergency Assessment, Case No. 87822-06 filed on January 11, 2006, has been revised, in accordance with paragraph 5. of the aforementioned Order. A copy is available at www.floir.com/pdf/2006_Emerg_Assesment_Order.pdf.
The Office has reviewed the arithmetic calculations applicable to the Emergency Assessment provided by Citizens and determined that the reduction in the annual assessment from 1.4% to 1.0% is justified.
Effective July 1, 2011, all Assessable Insurers and Surplus Lines Insurers shall modify the Emergency Assessment to policyholders to 1.0%, until further modified as provided in the referenced Order. All other terms of the Order remain in full force and effect.
Additional information is available on Citizens’ Web site, www.citizensfla.com. For questions regarding this memorandum, please contact Robert Ballard, Deputy Director of Property and Casualty Financial Oversight, with the Office of Insurance Regulation, at robert.ballard@floir.com or (850) 413-5214.
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