Special Report on Florida Workers’ Compensation Retrospective Rating Legislation
This is an update on the recently passed HB 785 in Florida. This law provides negotiation of retropective rating for employers with their carrier for multi-state policies in excess of $750K premium with at least $100K in Florida. CS/HB 785 by Florida State Rep. Ben Albritton passed the state Legislature and was approved by Gov. Rick Scott on June 13, 2014. The effective date of the bill was July 1, 2014.In addition to limiting workers' compensation reimbursements for medical foods, the primary purpose of this bill is to permit a retrospective rating plan to contain a provision for the negotiation of a workers' compensation premium between an employer and insurer if the employer has exposure in more than one state, an estimated annual standard workers' compensation premium in Florida of $100,000 and an estimated annual countrywide standard workers' compensation premium of at least $750,000.
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better. All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
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