Notice of Termination of Florida Hurricane Catastrophe Fund Assessment
Since 2007, Florida has required all insurance companies to collect from all Florida policy-holders an emergency assessment that is remitted to the Florida Hurricane Catastrophe Fund (the “Fund”). Now the rebuilding of this emergency fund is complete and the Florida Office of Insurance Regulation has issued an order terminating the assessment.
The assessment will be terminated for all new applications for mortgage insurance for loans secured by properties located in Florida received on or after January 1, 2015.
Please note that the Fund requires the assessment to continue to apply to premium payments occurring after January 1, 2015 for mortgage insurance certificates with monthly premium payments for one full year from the anniversary date of the individual loan. Thus, assessment termination will occur as follows for insured loans with MI applications received before January 1, 2015:
- Monthly Premium: The current assessment percentage will continue to apply to all payments until the 2015 anniversary of the date the application for coverage was received.
- Split Premium: The current assessment percentage will continue to apply to the monthly portion of the split premium until the 2015 anniversary of the date the application for coverage was received.
- Annual Premium: The last assessment will be applied on the 2014 anniversary of the date the application for coverage was received. No further assessment applies.
Your current billing format will remain unchanged until the assessment terminates. Depending on the format in which you receive your billing, the assessment category may continue to be shown on the bill until our systems are fully updated.
Arch Mortgage Insurance Company appreciates your cooperation in regard to this change to your premium payments and for your past assistance to Florida in its efforts to support residents severely affected by hurricane damage. For additional information, please refer to the Florida Hurricane Catastrophe Fund website.
If you have any questions, please contact Policy Servicing at 1.800.909.4264 or email@example.com.