main menu page title feature menus content footer
My Florida C F O

CFO's Initiatives

Stay Connected

Follow the
Department of
Financial Services

Sign up for the CFO's
newsletter!

Press Release

News   RSS RSS   Press Office   Archive

CFO Patronis Announces $27.6 M in Workers Compensation Premium Refunds

6/17/2020

For Immediate Release: Wednesday, June 17, 2020
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842

CFO Patronis Announces $27.6 M in Workers Compensation Premium Refunds
 
TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer Jimmy Patronis announced that $27.6 million in workforce premiums are being refunded over the next few months to nearly 13,000 policyholders of the Florida Workers’ Compensation Joint Underwriting Association (FWCJUA). The Florida Legislature created FWCJUA in 1993 as a self-funding plan to provide workers’ compensation and employer’s liability insurance to employers who are required by law to maintain such insurance but are unable to purchase insurance through the voluntary market.
 
CFO Jimmy Patronis said, “Today’s announcement that over $27 million is going back to thousands of policy holders is a great example of how our businesses can benefit when government operates efficiently and is accountable to its customers. This is how the system is supposed to work. With COVID-19 and the corresponding government shutdowns impacting many Florida businesses bottom lines, we’re working at every level of state government to identify areas where we can help our employers re-open and get back to work.” 
 
The Association had recently authorized a policyholder refund of $6.4 million for the 2013 policy year. Moreover, FWCJUA also approved another $21.2 million refund to certain policyholders that were covered under policies during the years 2001 to 2007 and 2012. In many circumstances, these refunds were provided in addition to other distributions that were made available in years past. The recent distributions were made possible due to FWCJUA’s accumulated surplus and positive financial position. 
 
The operation of the FWCJUA is subject to the supervision of a 9-member Board of Governors, eight of whom are appointed by and serve at the pleasure of the Financial Services Commission.  The ninth board member is the Insurance Consumer Advocate, appointed by CFO Patronis. For more information on FWCJUA, please visit https://www.fwcjua.com/.
 
###   

About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).