Florida Workers’ Compensation Joint Underwriting Association Market Assistance Plan Committee Report: April 2010
May 10, 2010
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Market Assistance Plan (“MAP”) Committee (“Committee”) met on April 28, 2010 to review the MAP’s effectiveness during the first quarter of 2010.
FWCJUA Executive Director Laura Torrence said she was pleased with the MAP’s continuing performance in uniting FWCJUA policyholders with voluntary market insurers. Currently, 16 insurers participate in the MAP Partnership Program. While this represents a decrease of eight insurers from 2009, some of the participating insurers have expanded their underwriting guidelines so that more FWCJUA applicants qualify for voluntary market consideration. In the past 15 months, this program has recognized a 4.9 percent success rate in placing applicants in the voluntary market, down only 0.1 percent from the previous 15-month reporting period.
Ms. Torrence also noted that the FWCJUA policies represented less than one-tenth of one percent of the market, which was “by far the smallest JUA residual market in the country.”
She presented the Committee with recommended modifications to the list of Key Application Data that the FWCJUA provides to voluntary market insurers to further encourage them to offer policies to FWCJUA clients.
The Committee approved four of the changes, but rejected a fifth, which related to the number of employees and estimated annual payroll assigned to each classification code appearing on the policy, because of concerns that this information should be considered proprietary business data. Ms. Torrence agreed to consider modifications to the proposal and present it again at a future meeting.
The MAP report is attached. The proposed modifications are indicated in sections B and F, on pages 5 and 6 respectively.
Should you have any questions or comments, please contact Colodny Fass.
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