Florida Workers' Compensation Joint Underwriting Association Market Assistance Plan Committee Re-Approves Voluntary Market Placement Plan
Date Published: 05-01-2012
The Florida Workers' Compensation Joint Underwriting Association ("FWCJUA") Market Assistance Plan ("MAP") Committee met on April 27, 2012 to review the current MAP and, after a brief discussion, voted unanimously to re-approve it with no changes.
"We believe the current MAP program is adequate and effective - (there is) no reason to change," a Committee member stated.
The MAP's purpose is to provide access to, and assist in the placement of workers' compensation and employers' liability insurance coverage in the voluntary market for employers securing coverage through the FWCJUA.
The MAP has two depopulation reports available to insurers authorized to write workers' compensation in Florida. It also provides the reports to agencies and designated producers authorized to submit business to the FWCJUA, it was noted.
The FWCJUA's MAP also includes a "MAP Partners" program that permits the FWCJUA to more formally search a greater number of voluntary market insurers for each employer applying for coverage through the FWCJUA.
Currently, 19 companies participate in the MAP Partners program, a number that has dipped as low as 10 insurers and as high as 24 insurers. In the past 15 months, the program has recognized a 3.6 percent success rate in placing volunteer applicants in the voluntary market-up from 2.3 percent for the last 15-month reporting period.
It was noted that the FWCJUA has established a variety of policies to encourage employers to secure coverage in the voluntary market, including the cancellation of insurance policies on a pro-rated basis.
The FWCJUA also issues an annual notice to Florida's voluntary market insures and the FWCJUA's authorized agencies encouraging them to take advantage of the various available MAP opportunities.
After discussing the plan, the Committee voted to approve the current MAP "as is."
With no further business before the Committee, the meeting was adjourned.
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