FPIC Insurance Group, Inc. Announces Florida Insurance Guaranty Fund Assessment
FPIC Insurance Group, Inc. (“FPIC”) (NASDAQ:FPIC) announced today that the Florida Office of Insurance Regulation (“Florida OIR”), at the request of the Florida Guaranty Association (“FIGA”), has levied an assessment upon subject property and casualty insurance companies operating in Florida to secure funds necessary for the payment of claims covered by FIGA and related administration costs. The assessment is 0.8 percent of each insurer’s 2008 Florida direct written premiums and is payable by December 15, 2009. Accordingly, FPIC will include a $1.2 million pre-tax charge for this assessment in its operating results for the fourth quarter of 2009. As allowed by Florida law, FPIC’s insurance subsidiaries are entitled to recoup this assessment from their Florida policyholders and intend to make the necessary filings to do so.
