Governor Rick Scott signed into law CS/CS/HB 1101 on Tuesday, April 24. The bill, effective July 1, 2012, allows corporation not-for-profit self insurance funds to purchase health, accident or hospitalization insurance for its members. The bill provides parameters for the funds purchasing health, accident, or hospitalization insurance, such as requiring insurance purchased by the fund to be purchased from insurance companies participating in the Florida Life and Health Insurance Guaranty Association.
Florida Insurance Trust, which is managed by World Risk Management’s sister company, Non Profit Insurance Services, Inc., is the ONLY not-for-profit insurance fund in the State of Florida, and will be able to help its members save money by negotiating better rates and coverage for their employees from insurers who are among the best in the industry.
What does this mean for taxpayers? With no cost to the State or to taxpayers, this bill allows already financially stressed non-profits save money so they can direct scarce resources to their core missions.
Thank you Governor Scott, and a big thank you to the Florida Legislature!