October 29, 2020

Press Release from Florida Department of Financial Services

Additional Workers' Comp Cost Reductions for Florida Businesses

| 6/14/2018

TALLAHASSEE, Fla.— On Wednesday, Florida Chief Financial Officer (CFO) Jimmy Patronis announced additional workers’ compensation cost reductions that will save carriers an estimated nearly $20 million in 2019, allowing carriers to help further alleviate costs on Florida businesses. These reductions are a direct result of the sound financial management of the Workers’ Compensation Administration Trust Fund (WCATF) and the Special Disability Trust Fund (SDTF), two funds that workers’ compensation carriers contribute to.

CFO Jimmy Patronis said, “Just last month, we announced that a 1.8 percent decrease in workers’ compensation rates could mean a $79.5 million savings for Florida businesses. Reducing the cost of doing business for workers’ compensation carriers by $20 million means additional savings could be passed on to Florida businesses, easing financial burdens. Anytime we can reduce the cost of doing business we should. Doing so supports our neighborhood businesses and ultimately, both our local and state economy.”

Background:

Legislative changes in 1997 resulted in the SDTF being prospectively abolished and statutorily prohibited from accepting any new claims for dates of accident after December 31, 1997. However, in accordance with Florida law, insurers and individual self-insured employers continue to be assessed to fund a small number of older claims. Further, fiscally responsible management of the WCATF has allowed for assessment rates to be reduced.

About CFO Jimmy Patronis

Chief Financial Officer and State Fire Marshal Jimmy Patronis is a native Floridian and a member of Florida’s Cabinet, who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).

Tags: Insurance

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