FCBI has always been the insurance carrier and financial strength behind the workers’ compensation insurance policies you sell to your clients...
The overall management of the Fund is provided by the Fund’s Chief Executive Officer. The Fund operates like a cooperative or mutual insurance company wherein the program is owned by the members/policyholders.
Any excess premiums collected by the Fund that remains after booking provisions for the satisfaction of claims and operating expenses is reported as ‘surplus as regards policyholders’. These surplus funds provide the financial underpinning for the Fund and may be returned to the members over time, based upon affirmative action by the Board of Trustees.
The FCBI Fund reports to the Florida Office of Insurance Regulation via quarterly financial filings, as well as submissions of an annual independent financial audit and an independent actuarial evaluation.