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Which of the following statements is TRUE regarding the Florida Insurance Guaranty Act (FIGA) and surplus lines policies?

Persons insured by surplus lines carriers are protected under FIGA. Surplus lines policies offer the same FIGA protection as admitted policies. Persons insured by surplus lines carriers are NOT protected under FIGA for the obligation of an insolvent unlicensed insurer. FIGA protection is optional for surplus lines policyholders if they pay an additional fee.

Correct Answer:

Persons insured by surplus lines carriers are NOT protected under FIGA for the obligation of an insolvent unlicensed insurer.

Explanation:

Persons insured by surplus lines carriers are not protected under the Florida Insurance Guaranty Act with respect to any right of recovery for the obligation of an insolvent unlicensed insurer.

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