Florida Chief Financial Officer Alex Sink said today she has ordered a 50 percent cut for the 2008 Workers' Compensation Administration Trust Fund assessment rate.

The reduction is projected to result in as much as $19 million in savings that can be passed on to Florida employers, according to the announcement.

Ms. Sink noted that during the past five years, the health of Florida's workers' compensation system has improved to a point where 28 new carriers are now writing workers' compensation in the state.

“A strong economy and tougher compliance efforts have generated significant premium growth, making these reductions to the workers' compensation trust fund assessment rate possible,” said Ms. Sink.

Florida law requires an annual review of assessments that workers' comp carriers and self-insurers pay into the Workers' Compensation Administration Trust Fund to administer the state's workers' compensation system.

The fund pays for the operation of the Department of Financial Services' Division of Workers' Compensation.

Other programs funded through the WCATF include the Division of Insurance Fraud's workers' compensation enforcement activities, the Office of the Judges of Compensation Claims, Medical Services administered by the Agency for Health Care Administration, Vocational Rehabilitation administered by the Department of Education, and Child Labor regulation administered by the Department of Business and Professional Regulation.

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