13962876, 69L-5.209 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 13962876

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Workers' Compensation

Chapter:

RULES FOR SELF-INSURERS UNDER THE WORKERS' COMPENSATION ACT

Overview

RULE:

69L-5.209	Financial Statements Reporting
69L-5.215	Parental Guaranty
69L-5.219	Excess Insurance
69L-5.222	Revocation and Employer Compliance

PURPOSE:

The proposed rulemaking amends Rule 69L-5.209, F.A.C., deleting references to a Current or Former Self-Insurer’s Net Worth requirements, with regards to Financial Statements Reporting requirements; the proposed rule is renumbered, accordingly. Proposed Rule 69L-5.225, F.A.C., is amended to provide guidance to Current and Former Self-Insured entities regarding purpose-specific distinctions in methodologies used when determining a self-insured’s Net Worth. Proposed Rule 69L-5.219, F.A.C., is amended to increase a self-insurer’s maximum per occurrence retention from the greater of $500,000 or 1% of the self-insurer’s net worth to the greater of $600,000 or 1.5% of the self-insurer’s Net Worth, and to clarify factors that the Department must consider when reviewing a Current Self-Insurer’s request for a higher self-insured retention. The aforementioned changes are made to reflect inflation in the costs of claims and to provide self-insurers with a measure of control over premium costs for excess insurance. Proposed Rule 69L-5.215, F.A.C., is amended to delete erroneous references to Rule 69L-5.209, F.A.C., and to make certain technical changes.

SUBJECT:

Amendments to Rules 69L-5.209, 5.215, 5.219, and 5.225, F.A.C., relating to the determination of a self-insurer’s Net Worth. The proposed rulemaking also includes certain technical changes.

RULEMAKING AUTHORITY:

440.38(1), (2), (3), 440.385(6), 440.525(2), 440.591, F.S.

LAW:

440.38(1), (2), (3), 440.385(1), (3), (6), 440.525, F.S.

PRINT PUBLISH DATE:

12/19/2013 Vol. 39/245

RELATED STATUTES
AND LAWS:

440.38(1), (2), (3), 440.385(6), 440.525(2), 440.591, F.S., 440.38(1), (2), (3), 440.385(1), (3), (6), 440.525, F.S.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69L-5.209&PDate=12/19/2013&Section=1

REFERENCE MATERIALS:

No reference(s).

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