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FNHC > SEC Filings for FNHC > Form 8-K on 27-Nov-2012All Recent SEC Filings




Other Events

Item 8.01. Other Events.

On November 21, 2012, Federated National Insurance Company ("FNIC"), a wholly owned subsidiary of Federated National Holding Company (the "Company"), received a Notice of 2012 Assessment from the Florida Insurance Guaranty Association, Inc. ("FIGA"). All admitted carriers in Florida that transact the statutorily covered lines of business are required to become members of FIGA, which was formed to provide a mechanism for the payment of covered claims in the event of the insolvency of an insurer. The assessment, which was approved by the Florida Office of Insurance Regulation, is equal to 0.9% of each insurer's net direct written premiums for the 2011 calendar year from categories of insurance in FIGA's "All Other Account" (primarily property and liability lines of business, except automobile).

FNIC's share of this assessment will result in a pre-tax charge to operations of $813,759 in the fourth quarter of 2012, although FNIC plans to make a rate filing to enable FNIC to recover the amount of the assessment from its policyholders.

The Company's press release dated November 27, 2012 relating to this assessment is attached hereto as Exhibit 99.1.

Item 9.01. Exhibits.

(d) Exhibits

99.1 Federated National Holding Company Press Release, dated November 27, 2012

99.2 Florida Insurance Guaranty Association, Inc. Notice of 2012 Assessment

99.3 Florida Office of Insurance Regulation signed order approving the Notice of 2012 Assessment

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