A working group of the Florida Workers’ Compensation Insurance Guaranty Association (FWCIGA) is calling for state lawmakers to require full collateral for the deductible portion of large-deductible workers’ compensation policies and to limit the size of deductibles according to each policyholder’s net worth.
Paul Hughes, CEO of Risk Transfer in Orlando, said the proposals unfairly single out the PEO industry, which already is highly regulated by the Florida Department of Business and Professional Regulation.
“They’re treating this like self-insurance, and it’s not self-insurance,” Hughes said. “Every PEO in this state must have an audited financial statement, and that’s more than is required of most businesses.”
