Premium / Participation Reporting

October 1, 2024 There will be no assessment from the Iowa FAIR Plan in 2024.

May 1, 2023 Pursuant to Iowa Code Section 515F.36, be advised that the Governing Committee of the Iowa FAIR Plan Association has approved an assessment in the amount of $2,000,000. The last assessment was issued in 2018. Assessments are based on each member’s proportionate share of the total qualifying net direct written premium using the most current data available from the Iowa Insurance Division which in this case is 2022.

The Governing Committee simplified the process for participation reporting effective in 2018. No direct reporting is required of our members. The following is the methodology used to determine the Participation / Assessment Ratio.

  1. The IFPA will use the most current NAIC data available from the Iowa Insurance Division for insurers licensed to transact insurance business in the state and required to be members of the Iowa FAIR Plan Association.
  2. There are no separate pools.
  3. The data will include all members with written premium in any of the following lines:
    • Fire
    • Allied lines
    • Homeowners
    • Farmowners multi-peril
    • Commercial multi-peril
    • For county mutuals only: we use the most recent written premium report available from the Iowa Insurance Division for the following lines: Fire and Wind
  1. Any member with a total written premium of the above lines that is a negative balance or zero will be removed from the list. The remaining premium will be known as “assessable premium.”
  2. The participation ratio for a member will be determined by dividing the member's total assessable premium by the total assessable premium of all members. The ratio will be carried out to five decimal points.
  3. Assessment will be rounded to the nearest dollar.
  4. Assessments of less than $50 will not be invoiced or accrued for future payment.
  5. Invoices will be sent to individual members using the most current address on file with the Iowa Insurance Division.
  6. Members will have 30 days to pay the invoice.
  7. If any member fails to pay an assessment within 60 days after it is due, the insurer shall pay interest from the billing date at the rate of 1.5 percent per month.

Participation report by carrier for the 2023 Assessment:  https://iowafairplan.com/wp-content/uploads/2023/12/2023-Participation-Rates.pdf

The Articles of Agreement for the Iowa FAIR Plan Association are linked here.

 

PIPSO

The Iowa FAIR Plan Association is a member of the Property Insurance Plans Service Office (PIPSO).  We participate with PIPSO to provide our insurer members easier access to required data.

Members may contact PIPSO directly if they need credentials to access the information:

Property Insurance Plans Service Office

Stephen Jablonski, CPCU, President
44 School Street, Suite 510
Boston, MA 02108

Phone: (617) 371-4175
Web: www.pipso.com

 

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