Premium / Participation Reporting
The Governing Committee has 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.
- 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.
- There are no separate pools.
- The data will include all members with written premium in any of the following lines:
- Allied lines
- 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
- 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.”
- 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.
- Assessment will be rounded to the nearest dollar.
- Assessments of less than $50 will not be invoiced or accrued for future payment.
- Invoices will be sent to individual members using the most current address on file with the Iowa Insurance Division.
- Members will have 30 days to pay the invoice.
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
Ron Cassesso, CPCU, AIM – President
27 School Street, Suite 302
Boston, MA 02108
Phone: (617) 371-4175 ext. 24
Fax: (617) 371-4177