FL H1023

Amends s. 627.072, F.S. to require that workers' compensation and employer's liability insurance rate-setting account for the impact of missing statewide loss experience data from insolvent insurers, allowing use of prior reported data and other relevant information to assess rate impacts

Allows insurers remitting assessments to the Florida Insurance Guaranty Association (FIGA) to elect not to recoup advance assessments from policyholders; if an insurer elects not to recoup, the recorded asset value must be reduced to zero

Shifts the obligation from insurers "collecting" assessments to insurers "paying" assessments to FIGA, and requires insurers to treat an insured's failure to pay surcharges (rather than "recoupment charges" or "emergency assessments") as failure to pay premiums, while clarifying insurers are not liable for uncollectible surcharges

Revises Florida Workers' Compensation Insurance Guaranty Association assessment provisions by replacing the "installment method" with a "pass-through method," allowing the board to authorize single or quarterly payments, and reducing the reconciliation reporting period from 3 years to 2 years after the assessment year

Effective July 1, 2022