Florida Workers’ Compensation Joint Underwriting Association Operations Committee Approves 2014 Business Plan Revisions
Dec 2, 2013
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Operations Committee met via teleconference today, December 2, 2013.
After a review of the FWCJUA’s proposed budget, the Committee reviewed the 2014 Business Plan and Forecast, which included additional changes since the initial Business Plan draft was reviewed last August.
Notable changes to the Business Plan included:
- Renewing the legislative goal of exempting the FWCJUA from Florida’s escheat rules relating to dividend distributions, which have been estimated to be approximately $1.3 million
- Curtailing of the FWCJUA’s semi-annual rate adequacy analyses to just once per year
- The addition of a proviso that, if the FWCJUA’s gross written premium for 2013 is less than $30 million, prior to July 1, the Florida Department of Financial Services should be notified of the amount of the FWCJUA’s gross written premiums for the preceding calendar year pursuant to section 440.51(14), F.S.
- The addition of the word “reasonable” to describe the FWCJUA’s investment portfolio performance insofar as its management is concerned, and the elimination of “market benchmark returns” as a performance guideline
- Myriad revisions to the FWCJUA’s computer management directives
The changes will be submitted to the FWCJUA Board of Governors for approval at its meeting on December 11. To view the agenda, click here.
Among the administrative updates to the FWCJUA’s Disaster Recovery and Emergency Preparedness Plan was the addition of Florida’s new Insurance Consumer Advocate Steve Burgess to the FWCJUA Board of Governors contact list. Mr. Burgess replaces former Insurance Consumer Advocate Robin Smith Westcott, who resigned from that position earlier this year.
In the Operations Report (page 12 of the attached meeting materials), it was noted that the FWCJUA has filed for an overall average premium level decrease of 1.7% effective January 1, 2014, applicable to new and renewal business as approved by the Board.
The attached meeting materials also include the 2001, 2002, 2003, 2003/2004, 2004/2005 and 2006 Policyholder Return of Premium Dividend distribution results.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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