Florida Workers’ Compensation Joint Underwriting Association Board of Governors Meeting Report: July 19
Jul 19, 2011
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Board of Governors (“Board”) met today, July 19, 2011, to consider revisions to the FWCJUA Operations Manual and Agency Producer Agreement that are designed to facilitate the implementation of an online certificate of insurance system for FWCJUA-authorized agencies and their designated producers.
The meeting materials are attached.
After the June 7 Board meeting minutes were approved, the majority of the meeting discussion focused on the Operations Manual revisions. The revisions provide for the creation of an online certificate of insurance system for FWCJUA-authorized agencies and their designated producers.
The FWCJUA has created an on-line certificate of insurance issuance system to be maintained on its website, www.fwcjua.com, which will permit authorized agencies and their designated producers to generate standard certificates of insurance for their FWCJUA policyholders. Certificates of insurance that require extraordinary remarks will not be allowed, said FWCJUA Executive Director Laura Torrence.
Implementation of the system requires language revisions in the “Service Providers” and “Agency Designated Producer” sections of the Operations Manual and the Agency Producer Agreement, Ms. Torrence explained.
“The JUA today is issuing certificates. This item is strictly for us to allow for the automation of that,” she stated. “It will not change how we issue a certificate per se. The JUA has (already) been issuing certificates without extraordinary marks.”
After some discussion on the language changes, the Board voted to authorize the filing for the Florida Office of Insurance Regulation’s approval of the proposed revisions to provide for the implementation of the online certificate of insurance system.
In other business, the Board unanimously agreed to modify its June 7 dividend declaration for policy year July 26, 2003 to June 30, 2004 for “new” Subplans “A” and “C” policyholders to increase the amount of the gross policyholder dividend to $5,166,515, while retaining a five percent underwriting gain, resulting in a net policyholder dividend amount of $5,149,548.62 after expenses.
The modification was necessary because the FWCJUA discovered an error in its investment income calculation in the financial statement for “Subplan C,” Ms. Torrence explained.
An update was given on Board appointments, action on which was postponed by the Florida Financial Services Commission at its June 16 meeting. The issue is expected to be addressed during the August 2 meeting. The current FWCJUA Board will continue to serve until then.
With no further business before the Board, the meeting was adjourned.
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