Office of Insurance Regulation Informational Memo re FHCF Assessment Reporting Requirements 7/27/06

The Florida Office of Insurance Regulation issued an Informational Memorandum today, July 27, 2006, regarding the Florida Hurricane Catastrophe Fund (“FHCF”) Assessment Reporting Requirements. Essentially, the Memorandum states that the State Board of Administration that oversees the FHCF has directed the Florida Office of Insurance Regulation to issue an assessment, pursuant to §215.555(6)(b)1, Fla. Stat. (2005) and Rule 19-8.013, FAC, upon ALL property and casualty business in the state of Florida with the express exception of workers’ compensation, medical malpractice, accident and health, and federal flood insurance lines of business.

The assessment is to be applied to all policies issued or renewed effective January 1, 2007, as well as to any endorsements and transactions effective January 1, 2007.

The Memorandum also contains information regarding electronic reporting through the “Cat Fund Reporting” link which will be available at the end of October, 2006. There are also instructions regarding how to use the Cat Fund reporting link.

The due dates for reporting and remittance are:

1^{st calendar quarter due on or before May 15, 2007}

2nd calendar quarter due on or before August 15, 2007

3rd calendar quarter due on or before November 15, 2007

4th calendar quarter due on or before March 1 of the following year

The Office of Insurance Regulation has also promulgated and Instruction Sheet for the completion of the FHCF Assessment Reporting Spreadsheet (Form OIR-A1-1688).

A copy of the Informational Memorandum and the Instruction Sheet is attached to this e-mail. You can also find the Informational Memorandum and the Instruction Sheet on the Office of Insurance Regulation’s website at:

http://www.floir.com/Hurricanes/FHCF.htm

The relevant links are:

Should you have any questions, please do no hesitate to call this office.

Regards,

Fred E. Karlinsky