Loss Data Still Needed When Carrier Goes Bust, Bill Says

The legacy of Patriot National, parent company of one of the largest Florida workers' compensation carriers to become insolvent as its CEO was accused of spending millions on a yacht and other non-business items, continues with state officials hoping a bill in the Legislature will help avoid ratemaking complications that could result from future bankruptcies. “If a major carrier becomes insolvent, it could really have an impact on the data that's considered for ratemaking,” said Tom Streukens, executive director of the Florida Workers' Compensation Insurance Guaranty A...