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. ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Worker's Compensation

RULE NOS.:RULE TITLES:

69L-5.209Financial Statements Reporting

69L-5.215Parental Guaranty

69L-5.219Excess Insurance

69L-5.222Revocation and Employer Compliance

PURPOSE AND EFFECT: 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 AREA TO BE ADDRESSED: 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 FS.

LAW IMPLEMENTED: 440.38(1), (2), (3), 440.385(1), (3), (6), 440.525 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: Thursday, January 16, 2014, 9:30 a.m. − 11:30 a.m.

PLACE: 102 Hartman Building, 2012 Capital Circle Southeast, Tallahassee, Florida.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Dwayne Manning, [phone] or [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Dwayne Manning, Insurance Administrator, Department of Financial Services, Division of Workers’ Compensation, Bureau of Financial Accountability, Self-Insurance Unit, 200 East Gaines Street, Tallahassee, Florida 32399-4221, [phone] or [e-mail]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.