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Assessment Rates for Division, Special Trust Funds Cut Again

  • State: Florida
  • Topic: SOUTH
  • -  162 views
  • - Average time spent on item: 5 minutes
  • - Popular with: Insurance
  • -  2 shares

Florida's chief financial officer announced Tuesday that the assessment rate to support the Division of Workers' Compensation and the state's special disability fund have both been cut for 2019.

The assessment for the Workers' Compensation Administration Trust Fund will drop, from 0.97% to 0.90%, for calendar year 2019, the seventh straight decrease, the Department of Financial Services announced in a bulletin.

For insurance carriers, the assessment is based on net premiums collected on workers' compensation policies in Florida.

The assessment for the Special Disabilities Trust Fund was cut in half, from 0.91% to 0.42%, which is the ninth consecutive rate decrease. The assessment for insurers is based on net workers' compensation premiums written.

For self-insurers, the assessment for both funds is based on an amount equivalent to net premiums, calculated by the division as if the self-insurer had purchased compensation coverage. The payments are due quarterly.

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