CFO: Florida Workers’ Comp Carriers to Save $20M in Costs Next Year
Jul 6, 2018
Cost savings in two Florida funds paid into by workers’ compensation carriers are expected to equal a nearly $20 million reduction in expenses for insurers operating in the state next year, according to a statement from the Florida Department of Financial Services.
The cost reductions are a direct result of the sound financial management of the Workers’ Compensation Administration Trust Fund (WCATF) and the Special Disability Trust Fund (SDTF), two funds that workers’ compensation carriers contribute to, DFS said.
Florida Chief Financial Officer (CFO) Jimmy Patronis said the reductions in costs for insurers are expected to translate into savings for Florida businesses in 2019.