Regulators fighting with insurer over ‘excess profits’
Kevin McCarty, Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, excess profits
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Kevin McCarty, Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, excess profits
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 […]
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. […]
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 […]
excess profits, Florida Legislature, workers' compensation, Insurance Regulation News
The Office of Insurance Regulation has announced a workshop for November 17, 2010, to discuss proposed changes to administrative rule 69O-189.007 relating to to workers’ compensation excess profits reporting. The notable changes are not to the administrative rule itself, but to the OIR-B1-15 reporting form it incorporates by reference. Revised instructions to the reporting form would […]