OIR Issues Excess Profits Memorandum
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 has confirmed that insurers are no longer required to submit form OIR-B1-15, which has been used in the past to report the data for excess profits calculation purposes.
The repeal of the excess profits law will not affect prior year’s excess profits reports or calculations.