Florida Insurance Guaranty Association Inc

“The association entered into an agreement with american guaranty fund group, inc. To provide management and administrative services.”

“The members of the association are all insurers that provide property and casualty coverages in the state of florida.”

“Appointments to the board of directors are made by the florida department of financial services upon recommendation of member insurers pursuant to florida law.”

“The board annually determines the need for an assessment. However, the insurance commissioner of the state of florida actually levies the assessment.”

“Form 990 and accompanying schedules are reviewed by the director of operations and the executive director before the return is finalized by the independent tax preparer. All members of the board are provided a draft copy and the finance & audit committee is responsible for reviewing and commenting on behalf of the board prior to the filing with the internal revenue service. It shall be deemed sufficient for the executive director to provide a draft copy to all finance & audit committee members by email, and advise that approval is implied by a non-response to the mail. The executive director shall provide evidence in the form 990 file that this policy has been complied with and retain copies of all correspondence, questions and objections.”

“The executive director provides a copy of the conflict of interest and ethics policy to every director, officer, employee or representative of figa. All employees are required to annually complete a training program and update and sign the policy. Board members annually complete a certification disclosing any potential conflicts of interest after reviewing the vendor listing. The "anti-trust policy" is read before the start of each figa meeting to remind participants that the policy is enforced and to ensure that the conduct of the meeting conforms to the policy.”

“Figa's executive compensation package, including base salary, bonuses and benefits, will be decided by the "compensation committee," made up of independent directors who do not have any personal interest in the compensation arrangement. In order to ensure reasonable compensation, the compensation committee will obtain compensation comparability data for the position. The most recent compensation comparision was performed in 2022 by the compensation committee. The compensation committee performs this comparison periodically. Pay grades and compensation mid-points were revised as a result of the 2022 compensation study. The comparability data may be based on industry surveys, use of a compensation consultant and documented compensation of persons holding similar positions in similar organizations from form 990 of other organizations. The basis for the determination will be documented and include the terms of the approved transactions and the date approved, the members of the compensation committee who voted on the decision, the comparability data that was relied on and how the data was obtained. The executive director has the authority to set compensation for all other employees.”

“Figa operates under the florida sunshine law and all governing documents, policies, and financial statements are available upon request by any member of the public.”

“Per irc section 3121, if two or more related corporations concurrently employ the same individual and compensate such individual through a common paymaster, each corporation shall be considered to have paid as remuneration to such individual only the amounts actually disbursed. Employees are provided by american guaranty fund group, inc.”

“Taxpayer name: florida insurance guaranty association, inc. Taxpayer address: p.o. Box 14249, tallahassee, fl 32317-4249 taxpayer id number: 59-1378046 year-end: 12/31/24 under irc regulation section 1.263(a)-1(f), the taxpayer hereby elects to apply the de minimis safe harbor election.”