Agency: The Florida Insurance Assistance Interlocal Agency is an interlocal agency created for the purpose of issuing debt on behalf of the Florida Insurance Guaranty Association. The Florida Insurance Guaranty Association is a nonprofit corporation granted the authority to pay covered claims to policyholders of or claimants against insolvent insurers.
Purpose: The bonds are issued to provide funds to assist the Florida Insurance Guaranty Association in expediting the handling and payment of covered claims of insolvent insurers.
Security:
- Pledged Revenues: The bonds are secured by emergency assessments levied on property insurance policies written by member insurance companies.
- Debt Service Reserve Fund: The bonds are not secured by a reserve account.
- Lien Status: The bonds have a first lien on the pledged collateral.
Frequency: As needed.