PCI Statement On House Insurance & Banking Subcommittee Hearing On Florida’s Workers Compensation System
Tallahassee,FL(WorkersCompensation.com) – The Property Casualty Insurers Association of America (PCI) today issued the following statement attributed to its regional manager Logan McFaddin regarding the second part of the panel discussion on Florida’s workers compensation system by the Florida House Insurance & Banking Subcommittee.
“We appreciate the House Insurance & Banking Subcommittee for again taking the time today to hold a panel discussion on issues relating to the current state of Florida’s workers compensation system. PCI and our members believe Florida’s workers compensation system provides essential benefits to injured workers in a timely manner and the wage-replacement benefit system balances the interests of employees and employers.
“We support the 2003 reforms to the workers compensation system that were incorporated to protect the interest of Florida employees and help control costs for Florida business owners. Workers compensation opt-out proposals fail to protect injured workers and shift the employer’s costs to workers, private health insurance and taxpayers. PCI strongly supports the free enterprise system and the ability of businesses to innovate. However, the innovation must be fair, balanced and socially responsible, especially when it proposes to replace an existing safety net program. Additionally, it should not shift the employer’s costs on to injured workers and the taxpaying public. To date, workers compensation opt-out plans (both existing and proposed) fail to meet this test.
“We believe a vibrant and healthy market for workers compensation in Florida is a necessity, and encourage lawmakers to work toward solutions this session that will maintain stabilization in the marketplace so that injured workers can still have quality care benefits at reasonable costs to Florida employers.”
PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.