Nearly 13,000 policyholders of the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA) will receive workforce premium refunds totaling $27.6 million over the next few months.
According to the Florida Department of Financial Services, FWCJUA, the state’s self-funded residual market, recently authorized a policyholder refund of $6.4 million for the 2013 policy year, as well as a $21.2 million refund to certain policyholders that were covered under policies during the years 2001 to 2007 and 2012. In many circumstances, these refunds were provided in addition to other distributions that were made available in years past.
The recent distributions were made possible due to FWCJUA’s accumulated surplus and positive financial position, DFS said.
The Florida Legislature created FWCJUA in 1993 as a self-funding plan to provide workers’ compensation and employer’s liability insurance to employers who are required by law to maintain such insurance but are unable to purchase insurance through the voluntary market. The FWCJUA was designed to depopulate the Florida workers compensation residual market and invigorate the competitive or voluntary market.
The operation of the FWCJUA is subject to the supervision of a nine-member board of governors, eight of whom are appointed by and serve at the pleasure of the Financial Services Commission. The ninth board member is the Insurance Consumer Advocate, appointed by Florida CFO Jimmy Patronis.
Source: Florida Department of Financial Services
Topics Florida Workers' Compensation
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