What is the Florida Insurance Guarantee Association or FIGA?

J.P. Gonzalez-Sirgo
Founder of J.P. Gonzalez-Sirgo, P.A.

The Florida Insurance Guarantee Association or sometimes referred to as FIGA is a state-run non-profit corporation that provides support to insurers who have become defunct and require additional funds to pay their outstanding claims. These support payments come from a pool of finances provided by a combined insurer fund.

Where does FIGA get its authorization?

Florida Statute §631.55 creates the association and provides what can be thought as of a mission statement about what they hope to do through this quasi-public corporation. This statute also discusses material requirements for an agreement to receive support from FIGA such as a promise of repayment on behalf of the insurer and freedom from liability of penalties or interest placed on the insurer. §631.55 also establishes the division of the association into two accounts.

This division found in §631.55 categorizes the accounts as follows:

(2) For the purposes of administration and assessment, the association shall be divided into two separate accounts:

      (a) The auto liability and auto physical damage account.

      (b) The account for all other insurance to which this part applies.

Depending on the type of insurance the insurer provides, this will determine which account will fund outstanding claim payments and what rules the insurer will be subject to. This is a great option for insurers who are still liable for claim payments of an injured party who has prevailed against the insurance company’s tortfeasor. For further information regarding the definition of legal and lay terms found within this statute you should look at the definitions provided in Florida Statute §631.54. Some of the definitions found in this statute are for terminology such as “assessment year”, “association”, “member insurer”, “net direct written premiums”, etc. While these statutes are accessible, they are very difficult to understand without the assistance of someone with legal expertise. If you have any questions regarding your claim against FIGA it is recommended that you contact an experienced insurance claims attorney.

You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at[email protected].


-7 Fla. Prac., § 18:2

-Florida Statute §631.55

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