TALLAHASSEE State insurance regulators last week signed off on a plan that will lead to policyholders throughout Florida paying extra on their bills because of property-insurer insolvencies.
Insurance Commissioner Mike Yaworsky issued an order that approved a request by the Florida Insurance Guaranty Association to collect a 1 percent emergency assessment to cover costs of claims.
Insurers will collect the assessments from policyholders starting in October and send the money to the Florida Insurance Guaranty Association, according to the order.
The Florida Insurance Guaranty Association, or FIGA, is a non-profit agency created by the state to handle claims when insurers become insolvent. It has issued a series of assessments in recent y…
Read the full article at: https://news.wgcu.org/government-politics/2023-04-17/insurance-company-insolvencies-hit-fl-policyholders-in-wallet