Seven years ago, Florida employers paid the highest workers' compensation premiums in the nation. Today, the state's workers' compensation premiums are among the lowest. The dramatic drop in premiums was primarily the result of legislation enacted in 2003 known as Senate Bill 50-A (Chapter 2003-412, Laws of Florida). The bill made changes to the workers' compensation system designed to reduce litigation, provide greater compliance and enforcement authority for the Department of Financial Services to combat fraud, revise certain indemnity benefits for injured workers, increase medical reimbursements for physicians and for surgical procedures, and increase availability and affordability of coverage.
Employers and carriers almost unanimously consider the 2003 reforms to have succeeded beyond their expectations. However, as they look to the future they are asking two big questions: Have all of the savings been squeezed out of SB 50-A? What opportunities or threats can we expect to see from the 2011 Legislature?
Impact of SB 50-A
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