Regulatory News

The following notice was published last week, Page 5108, Volume 40, Number 227, November 21, 2014 DEPARTMENT OF FINANCIAL SERVICES Division of Worker’s Compensation RULE NOS.: RULE TITLES: 69L-6.027 Penalty Calculation Worksheet 69L-6.028 Procedures for Imputing Payroll and Penalty Calculations 69L-6.035 Definition of Payroll for Calculating Penalty PURPOSE AND EFFECT: The amendment to Rule 69L-6.027, F.A.C., revises a penalty calculation worksheet to provide the premium credit for the initial payment of premium made to secure coverage against an assessed penalty and to adjust the penalty look back period and the penalty multiplier to conform to statutory changes. The amendment to Rule 69L-6.028, F.A.C., changes the time frame to impute the employer’s payroll in the absence of business records from 20 to 28 days after receipt of the department’s request to produce records, and changes the factor to calculate employee payroll from 1.5 to 2 times state average weekly wage, to conform...

The following is quoted from the Office of Insurance Regulation press release November 5, 2014 TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today issued an Order notifying the National Council on Compensation Insurance (NCCI) that its proposed 3.3% overall decrease in workers’ compensation rates in Florida as filed has been disapproved. NCCI, which files on behalf of approximately 250 workers’ compensation insurers with Florida policyholders, can re-file an overall rate reduction of 5.2% instead by next Tuesday and receive final approval. After a careful review and analysis by the Office, the filing reflected an increase in the underwriting profit and contingency provision from its current approved 2.5% to 4.5% that was deemed excessive and unsupported. “Just last year, NCCI requested and was approved for a 2.5% profit and contingency provision and the record does not reflect any significant change in the economy in the past year that would justify a n...