Florida Insurance Commissioner Kevin McCarty said he had approved a $163 million regular assessment for insurers filed by Citizens Property Insurance Corporation today to cover the deficit in its high risk account for 2005.

All assessable property insurers are required to pay the regular assessment to Citizens, the state's home insurer of last resort, within 30 days of receipt of an invoice from Citizens.

Mr. McCarty's announcement of the assessment noted that insurers are permitted to recoup the assessment by adding a surcharge to Florida residential property insurance policies upon the renewal date of the policy.

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