main menu page title feature menus content footer
My Florida C F O

CFO's Initiatives

Stay Connected

Follow the
Department of
Financial Services








 

Sign up for the CFO's
weekly newsletter!

Press Release

News   RSS RSS   Press Office   Archive

CFO Sink Urges Governor Crist to Sign Legislation to Reduce Workers' Comp Costs, Save Taxpayer Dollars

5/21/2010

CONTACT: Jerri Franz or Jayme O’Rourke, 850-413-2842
 
TALLAHASSEE – Today, Florida CFO Alex Sink sent a letter to Governor Crist asking his support of her risk management legislation (HB 5603), which addresses the rising costs of workers’ compensation benefits in the state risk management program. The legislation passed the legislature unanimously, and is currently pending Governor Crist’s approval to become law.
 
 “This legislation holds state agencies accountable and emphasizes loss prevention,” said CFO Sink. “In the business world, it is accepted that you must inspect what you expect, and the program modifications in this legislation allow us to do just that.”
 
In January, CFO Sink announced $12 million in taxpayer savings through businesslike reforms in CFO Sink’s Division of Risk Management, including refocusing on loss prevention and addressing agencies with the highest claims numbers. These reforms were based on business best practices and advice from private sector risk management experts and led to the creation of the CFO Sink’s Risk Management Advisory Council. 
 
Based on CFO Sink’s recommendations, key elements of the legislation include:
• Establishing return-to-work programs for certain state agencies
• Basing agency premiums on actual loss experience and loss prevention results
• Gives CFO Sink’s Division of Risk Management the responsibility to evaluate state agencies’ risk management programs as well as recommend corrective authority
 
HB 5603 also contains a provision to curtail the increasing costs of prescription drugs in the workers' compensation program. 
Risk management is responsible for identifying and controlling exposure to loss or injury resulting from the daily operation of Florida’s government. Through the Florida Department of Financial Services, the Division of Risk Management delivers sound, professional guidance to Florida’s 48 state agencies and universities to help control loss and mitigate risk.
 
# # #