Insolvent Insurers to Blame for Bill That Will Raise Assessments

The fallout from two of the largest insurance carrier insolvencies in recent Florida history continues and will likely result in higher assessments on workers' compensation premiums, starting in 2020. A year after Insurance Co. of the Americas was found to be insolvent, and Patriot National Inc. declared bankruptcy, the state House last week passed legislation that would give the Florida Workers' Compensation Insurance Guaranty Association the authority to raise the assessment on insurers for the first time since 2005. Patriot National was the parent company for Guarantee Insura...