This bill amends sections of Florida Statutes related to workers' compensation insurance. It specifies that insurers may use excess rates only under certain conditions, allowing for a maximum of 20 percent of their workers' compensation insurance policies to be written or renewed with excess rates each calendar year. Additionally, it clarifies that certain policies, specifically those written for employers who were part of a joint underwriting plan, will be excluded from this 20 percent limitation for the first three years of coverage. The previous limitation of 10 percent for commercial insurance policies has been updated to reflect these changes.

Furthermore, the bill revises the composition of the board of directors for the Florida Workers Compensation Insurance Guaranty Association. The board will now consist of 11 members, including representatives from private carriers, a statewide trade association representing Florida employers, and a property and casualty insurance agents association. The Chief Financial Officer will have the authority to appoint members to the board, and the bill also establishes that board members will serve four-year terms, with provisions for filling vacancies. The act is set to take effect on July 1, 2026.

Statutes affected:
S 618 Filed: 627.171, 631.912
S 618 c1: 627.171, 631.912