FL H5505

Redefines "employee" for workers' compensation purposes to allow corporation officers to elect exemption from coverage, with a maximum of three officers in the construction industry who must each own at least 10% of company stock.

Requires construction industry officers seeking exemption to electronically submit notarized notices to the Department of Financial Services with detailed personal, ownership, and employment documentation; exemption certificates valid for 2 years.

Establishes the Florida Insurance Premium Tax Prepayment Program administered by the State Board of Administration, allowing insurers to prepay premium taxes up to $1.5 billion in exchange for transferable tax credit certificates valid through the 11th calendar year following issuance.

Revises maximum delinquency charges on loans to $10 per payment (adjusted annually for inflation based on Consumer Price Index) and requires examination fees be paid directly to the Office of Financial Regulation.

Repeals the Department of Financial Services' annual reporting requirement on workers' compensation law administration; effective July 1, 2012, with January 1, 2013 effective date for certain exemption certificate provisions.