CS/CS/HB 143 - Florida Insurance Guaranty Association

• Defines "assessment year" as a 12-month period beginning on the first day of any calendar quarter (January 1, April 1, July 1, or October 1) as specified by the office in an assessment order.

• Revises assessment levy procedures requiring the office to specify the actual percentage amount and assessment year start date at least 90 days after the association board certifies the assessment, with insurers making initial payments before the assessment year begins.

• Requires charges or recoupments for insurance guaranty assessments to be displayed separately on premium bills to policyholders and prohibits their inclusion in filed and approved insurance rates.

• Allows insurers to recoup assessments through a separate recoupment factor applied to policies over a 12-month period (or longer at the insurer's option), with excess amounts returned to policyholders or used to reduce future assessments.

• Effective date: July 1, 2014.