HB 329 - Insurance Guaranty Associations Summary

• Creates s. 626.8621 authorizing employees of the Florida Insurance Guaranty Association or other state guaranty associations to adjust losses if they hold or held loss adjuster licensure within the past 10 years.

• Redefines "direct written premiums" instead of "net direct written premiums" for calculating insurer assessments to insurance guaranty associations.

• Changes assessment collection from monthly to quarterly installments and revises calculation methods for insurers' initial payments to the associations.

• Prohibits reduction of an insurer's direct written premium by policy deductibles or retrospective rating adjustments when determining assessment amounts or policy surcharges for workers' compensation insurance.

• Authorizes the Florida Workers' Compensation Insurance Guaranty Association to audit insurer reports and establishes that assessments paid by insurers constitute advances of funds to the association, effective July 1, 2020.