The Florida Office of Insurance Regulation (OIR) said it is terminating a 1.3% assessment on property policies 18 months ahead of schedule.
The Florida Hurricane Catastrophe Fund (Cat Fund) emergency assessment, which the OIR says brought in $2.9 billion through May 31, 2014, was used to reimburse insurance companies for claims from eight hurricanes that hit Florida in 2004 and 2005. The OIR says it has paid off the bond used to pay the claims early.
The assessment applied to all premiums on property and casualty insurance policies in Florida, including surplus lines but excluding lines specifically exempted by law, the OIR says. The charge began at 1% in 2007 and was increased to 1.3% in 2011.
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