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How are FWCIGA assessments computed?

FWCIGA’s assessments are computed and billed based on the immediate needs of the guaranty association that has claims it needs to pay.  Claim files come in from the insolvent insurance company; the adjusters review them, and set appropriate reserves on those files. (Reserves are the projected ultimate liability under terms of a given policy.)

In Florida the assessment cap is 2% for insurance companies and 1.5% for self-insurance funds of net direct-written premium.  FWCIGA cannot assess an insurance company or self-insurance fund more than the statutorily set cap on assessments.