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News Breaks | | | | December 9, 2012 | | 12:08 EDT |  | UIHC | United Insurance receives assessment from FIGA; to take pre-tax charge in Q4
The company also announced today that UPC received a mandatory assessment from the Florida Insurance Guaranty Association, FIGA, a nonprofit corporation created by the Florida legislature. The assessment, which was approved by the Florida Office of Insurance Regulation, is equal to 0.9% of UPC’s net direct written premiums in Florida for the 2011 calendar year and is applicable to all members of FIGA’s “All Other Account,” which includes UPC. The assessment is expected to result in a pre-tax charge to consolidated operations of $1.6M in Q412. The mandatory assessment is expected to be fully recouped through a surcharge on UPC’s Florida policies, pursuant to a filing that will be submitted to the Florida Office of Insurance Regulation and the company expects it will have a positive impact on operating results over a twelve-month period beginning February 1, 2013. | |
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