Florida Workers’ Compensation Joint Underwriting Association Committee Approves Existing Market Assistance Plan With No Changes
Apr 30, 2013
During a very brief teleconference today, April 30, 2013, the Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Market Assistance Plan (“MAP”) Committee unanimously approved the existing MAP, agreeing it met all statutory obligations and that no changes were warranted.
The meeting materials are attached.
The MAP provides access to and assists in the placement of workers’ compensation and employer’s liability insurance coverage in the voluntary market for employers applying for or securing coverage through the FWCJUA.
During the meeting, it was noted the MAP makes two free depopulation reports available to insurers authorized to write workers’ compensation insurance in Florida, and also to agencies and designated producers authorized to submit business to the FWCJUA. The depopulation reports identify MAP account profiles for:
- Those employers for which the FWCJUA bound coverage in prior months
- Those employers currently being written by the FWCJUA
On a daily basis, the FWCJUA also provides a free “keep-out” report for employers applying for coverage through the FWCJUA in hopes that the voluntary market will be able to offer coverage to these employers before the FWCJUA coverage is bound, a Committee member stated.
It was noted that all three reports are available through the FWCJUA Website.
Of further note:
- The FWCJUA’s 2012 estimated market share remains less than 0.9 percent
- In 2012, just over 24.5 percent of mid-term cancellations issued by the FWCJUA were attributed to employers securing voluntary market coverage, compared with 20.2 percent in 2011. The change was described as verification that the voluntary market continues to accept and write business in Florida.
With no further business before the Committee, the meeting was adjourned.
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