1. How are assessments calculated for the insurance sector?
FSRA assessment calculations are based on the calculations shown in Rule 2019-001 for Assessments and Fees. To see the calculation for your specific industry, please refer to the following subsections: Insurance Sector: Subsection 4.1.
The FSRA assessment is calculated by subsector using the following formula:
Insurer’s direct written premiums for the subsector ÷ Total direct written premiums for the subsector
Budgeted expenditures net of fees
Insurers are subject to a minimum fee of $100 for fraternal societies and $1,000 for all other insurance entities.
The FSRA assessment has been calculated based on the following subsectors: auto rates, property and casualty, property and casualty prudential regulation and life conduct.
Total direct written premiums for the sectors used in the assessment calculation.
|Sub-sector||Total direct written premiums (in thousands)|
|Property and casualty||$33,195,800|
|Property and casualty prudential regulation||$2,066,120|
2. What is the “Insurer’s minimum assessment adjustment” shown on line 9 of my invoice?
Small insurance companies pay a minimum assessment of $1,000 and fraternal societies pay a minimum assessment of $100. These minimum assessments reduce the assessment payable by all other insurers. A credit (negative) amount on the insurer’s minimum assessment adjustment line represents the insurer’s share of this assessment reduction. A charge (positive) amount on line 9 represents the amount required to increase the insurer’s assessment to the minimum assessment amount.
3. Where does the information on my company’s written premiums come from?
The data collected is based on returns filed by insurers to FSRA and Market-Security Analysis & Research Inc. (MSA) 2021 premiums were used for the assessment calculation as 2022 premiums were not yet available at the time of the billing.
4. My company is no longer in business. Can the invoice be prorated?
If your company was in business before January 31, 2023, you are required to pay an assessment for the period April 1, 2023 to March 31, 2024. Your invoice will not be pro-rated.
5. How do I update my contact information?
Email: [email protected]