14301600, 69L-5.209 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 14301600

Notice of Proposed Rule

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-5.225	Requirements

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.

SUMMARY:

The proposed rulemaking provides guidance to current, former and prospective self-insurers regarding allowable, purpose-specific methods for use when determining a self-insured’s Net Worth. The proposed rulemaking also provides for an increase in the maximum dollar-amount (and, in the alternative an increase in the percentage-amount of a self-insured’s net worth) of a self-insured’s per occurrence retention rate. The proposed increase in the maximum amount of the per occurrence retention rate provides self-insurers with a measure of flexibility in controlling the costs of excess insurance.

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:

3/11/2014 Vol. 40/48

COMMENTS:

From 3/11/2014 To 4/1/2014 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.