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In late August, FIGA’s board and the Florida Office of Insurance Regulation (OIR) approved a .7 percent assessment to help cover the costs of open claims associated with the liquidated companies ...
Citizens Property Insurance Corporation (Citizens) was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351 (6) Florida Statutes as a not-for-profit insurer ...
In late July 2022, Demotech sent preliminary letters to 27 Florida-based insurance companies warning that its FSR could drop from an A (Excellent) rating to S (Substantial) or M (Moderate). One ...
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
The Florida Insurance Guaranty Association (FIGA) was created by the Florida Legislature in 1970 as a nonprofit corporation to process covered claims of insolvent members by or against Florida policyholders with a limit of $300,000 per residence or non-residence commercial; $200,000 per condominium unit. Association members are all Florida ...
Fidelity Southern Corporation was an American financial holding company headquartered in Atlanta, Georgia. It wholly owns Fidelity Bank and the LionMark Insurance Company. [3] As of December 31, 2014, the company had $3.1 billion in total assets, $265.0 million in total stockholders' equity, $2.5 billion in deposits and $2.6 billion in total loans.
When an insolvency occurs, the guaranty association steps in to protect annuity holders, and decides what to do on a case-by-case basis. Sometimes the contracts will be taken over and fulfilled by a solvent insurance company. A state guaranty association is not a government agency, but states usually require insurance companies to belong to it ...
When a bank fails, the FDIC or a state regulatory agency takes over and either sells or dissolves the bank. Most banks in the US are insured by the FDIC, which provides coverage up to $250,000 per ...