FWCJUA Rates and Forms Committee Meeting Report: February 19
Feb 19, 2009
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Rates and Forms Committee (“Committee”) met on Thursday, February 19, 2009.
The Committee approved estimated FWCJUA reserve estimates for unpaid loss and loss adjustment expenses for the years 1994 through December 31, 2008 at $47.1 million for gross reserves and $25.3 million for net reserves.
In light of the recently-approved voluntary market rate change, the Committee discussed recommendations to the Board on possible modification of FWCJUA rates effective April 1, 2009 for new and renewal business.
After discussion about the possible effects of the Florida Supreme Court Emma Murray v. Mariner Health case, the Committee approved an overall premium decrease of one-half percent (0.5), effective April 1, 2009. This decrease will be adjusted to reflect maximum and minimum premium and surcharge change.
The Committee reviewed 2001 policyholder return of premium dividend distribution. Of 673 total policies, 452 policies will be receiving net dividends in the total amount of $858,390.56. It is anticipated that all dividend checks will be distributed by March 6, 2009.
The meeting was then adjourned.
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