Florida Senate - 2019                                     SB 264
       By Senator Gruters
       23-00407-19                                            2019264__
    1                        A bill to be entitled                      
    2         An act relating to the Florida Workers’ Compensation
    3         Joint Underwriting Association; amending s. 627.311,
    4         F.S.; providing that certain dividends or premium
    5         refunds must be retained by the association’s joint
    6         underwriting plan of insurers for future use;
    7         providing an effective date.
    9  Be It Enacted by the Legislature of the State of Florida:
   11         Section 1. Paragraph (h) of subsection (5) of section
   12  627.311, Florida Statutes, is amended to read:
   13         627.311 Joint underwriters and joint reinsurers; public
   14  records and public meetings exemptions.—
   15         (5)
   16         (h)1. Any premium or assessments collected by the plan in
   17  excess of the amount necessary to fund projected ultimate
   18  incurred losses and expenses of the plan and not paid to
   19  insureds of the plan in conjunction with loss prevention or
   20  dividend programs must shall be retained by the plan for future
   21  use.
   22         2. Any state funds received by the plan in excess of the
   23  amount necessary to fund deficits in subplan D or any tier must
   24  shall be returned to the state.
   25         3. Any dividend or premium refund that cannot be paid to a
   26  former insured of the plan because the former insured cannot be
   27  reasonably located must be retained by the plan for future use.
   28         Section 2. This act shall take effect upon becoming a law.