Florida Chief Financial Officer Alex Sink said today she hasordered a 50 percent cut for the 2008 Workers' CompensationAdministration Trust Fund assessment rate.

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

Ms. Sink noted that during the past five years, the health ofFlorida's workers' compensation system has improved to a pointwhere 28 new carriers are now writing workers' compensation in thestate.

“A strong economy and tougher compliance efforts have generatedsignificant 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 thatworkers' comp carriers and self-insurers pay into the Workers'Compensation Administration Trust Fund to administer the state'sworkers' compensation system.

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

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