FWCJUA Audit Committee Report: April 9

On Wednesday, April 9, 2008, the Florida Workers Compensation Joint Underwriters Association (“FWCJUA”) held an Audit Committee (“Committee) meeting to discuss the 2007 FWCJUA Financial Audit Report, the Audit Committee Charter, and to receive an update on the Private Letter Ruling. To view a copy of the complete meeting packet and agenda, click here.

The meeting was called to order with a quorum in attendance. Also in attendance were FWCJUA Board of Governors members, the FWCJUA General Counsel and representatives from Thomas Howell Ferguson, P.A. (“THF”), FWCJUA’s independent financial auditor.

The Audit Report, which was given by a THF representative, was approved by the Committee and will be filed with the Florida Office of Insurance Regulation.

The Audit Committee Charter and Procedures Checklist were then reviewed, and future Committee meeting dates were approved. The Committee will hold its next quarterly meeting on Thursday, August 21, 2008 from 10:00 a.m. to 11:00 a.m.

An update was given in regards to filing of the Private Letter Ruling requesting tax-exempt status on December 18, 2007 as a result of Senate Bill 1894 passed during the 2007 Florida Regular Legislative Session. There were no new developments on this matter to be discussed.

A Committee member then asked if a ruling had been made in the case of Emma Murray v. Mariner Health/Ace USA that was argued this morning before the Florida Supreme Court. This case challenges the constitutionality and application of limitations on the award of attorneys’ fees in workers’ compensation matters and could affect the FWCJUA.

To view a summary of today’s Murray Supreme Court hearing, click here. The case is still being argued, and no judgment yet has been rendered.

The meeting was then adjourned.

Should you have any questions or comments, please do not hesitate to contact this office.