Reminder: Florida Hurricane Catastrophe Fund Assessment
The Office of Insurance Regulation (OIR) has directed the FSLSO by order to collect, on behalf of the Florida Hurricane Catastrophe Fund (FHCF), an emergency assessment fee of 1% on applicable surplus lines policies issued or renewed with an effective date on or after January 1, 2007. The premium on all property and casualty policies will be subject to the assessment, except the following: Medical Malpractice, Workers Compensation, Accident and Health and National Flood Insurance. The "Assessment Period" begins on each January 1 and continues for 12 months. The emergency assessment shall be assessed in each successive "Assessment Period" until further order of OIR.
The assessment will be calculated as a percentage of the transaction's premium, as defined by Section 626.932(6) Florida Statutes, (excluding the premium receipts tax, the FSLSO service fee, the $2.00/$4.00 Emergency Management Preparedness and Assistance surcharge and the Citizens Property Insurance Corporation assessment) and will be handled in a manner similar to the collection and payment of the premium receipts tax.
The Florida Surplus Lines Service Office will collect the assessment by generating an invoice specific to the Florida Hurricane Catastrophe Fund Emergency Assessment that will be sent on a quarterly basis along with the premium receipts tax invoice.
For more information relative to the Florida Hurricane Catastrophe Fund Emergency Assessment, you may visit: www.fslso.com/goto?id=144