The bill amends sections of Florida Statutes related to workers' compensation insurance. It authorizes insurers to use excess rates for up to 20 percent of their workers' compensation insurance policies written or renewed each calendar year, while also specifying that certain policies, such as those written for employers with coverage in the joint underwriting plan, are excluded from this percentage limitation for the first three years of coverage. Additionally, the bill removes previous provisions that excluded specific commercial insurance policies from the percentage of policies subject to excess rates.

Furthermore, the bill revises the composition of the board of directors for the Florida Workers' Compensation Insurance Guaranty Association. It reduces the number of board members from 11 to 9, while also changing the appointment process for certain members. The new structure includes four members selected by private carriers, one nominated by a statewide trade association representing Florida employers, and one nominated by the largest property and casualty insurance agents association in the state. The Chief Financial Officer retains the authority to appoint members with relevant experience, and the Governor will appoint one member with commercial insurance experience. The bill is set to take effect on July 1, 2026.

Statutes affected:
H 1243 Filed: 627.171, 631.912