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workers’ compensation

OIR Issues Excess Profits Memorandum

OIR Issues Excess Profits Memorandum

| Written By: Travis Miller | Insurance

The Florida Office of Insurance Regulation (OIR) has issued informational memorandum OIR-12-03M discussing the recent removal of the workers’ compensation excess profits reporting requirement.  The legislature passed HB 941 this year eliminating the excess profits law’s application to workers’ compensation insurance.  Governor Scott has now signed this bill into law.  As a result, the OIR […]

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Workers Comp Excess Profits Law Slated for Rescission

Workers Comp Excess Profits Law Slated for Rescission

| Written By: Travis Miller | Insurance

The legislature passed a bill (HB 941) that included a provision eliminating the excess profits calculation for workers’ compensation and employer’s liability insurance.  The excess profits provision, currently located at section 627.215, Florida Statutes, requires insurers to report their premiums, losses and expenses in the affected lines of business by July 1 of each year.  […]

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Workers’ Compensation Excess Profits Repeal Passes House

Workers’ Compensation Excess Profits Repeal Passes House

| Written By: Travis Miller | Insurance

The Florida House of Representatives has passed a bill (HB 4169) that would repeal Florida’s excess profits law for workers’ compensation insurance.  The Senate should consider this favorable proposal, but unfortunately no companion bill exists. The excess profits law requires workers’ compensation insurers to refund their “excess” profits earned over a three-year period if they […]

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