Crazy that companies write work comp in Flordia. The rates are all set by the state. If you are a good underwriter and select the good risks and make a profit, you need to return profits over x amount. If you are a bad underwriter and select the bad risks, you are stuck with the losses. No other state is this bad.
Cosmo Mannella of LIUNA is delighted to see worker injuries and fatalities reduced to the point of reimbursements of premiums to employers.
This proves that worker training and safety measures in the workplace are working.
The epitemy of workers and employers working together for everyone’s benefit.
Great work Florida workers!!
Cosmo Mannella
ok, first of all – how many claims were denied because it was illegal aliens working? second of all, if you have a profit and are giving back 5 mil, how did you get that much profit… at least we know it’s going back… florida has a bad rep for insurance and this shows that even when supposed rates are set by the state, it did not help either…
The law is bad but the article did say a profit of 5% more than the “anticipated” profit. The question is what was the anticipated profit? You can go as high as four points more than that and not have to give anything back.
Crazy that companies write work comp in Flordia. The rates are all set by the state. If you are a good underwriter and select the good risks and make a profit, you need to return profits over x amount. If you are a bad underwriter and select the bad risks, you are stuck with the losses. No other state is this bad.
Yes, especially bad when x = 5%!
Apparently the point at which you have made enough money is 5% over cost.
Clearly that is a windfall and needs to be returned immediately to the policyholders.
Cosmo Mannella of LIUNA is delighted to see worker injuries and fatalities reduced to the point of reimbursements of premiums to employers.
This proves that worker training and safety measures in the workplace are working.
The epitemy of workers and employers working together for everyone’s benefit.
Great work Florida workers!!
Cosmo Mannella
ok, first of all – how many claims were denied because it was illegal aliens working? second of all, if you have a profit and are giving back 5 mil, how did you get that much profit… at least we know it’s going back… florida has a bad rep for insurance and this shows that even when supposed rates are set by the state, it did not help either…
The law is bad but the article did say a profit of 5% more than the “anticipated” profit. The question is what was the anticipated profit? You can go as high as four points more than that and not have to give anything back.