Florida regulators are rejecting a proposed 1 percent hike in workers compensation insurance rates.
Insurance Commissioner Kevin McCarty on Wednesday announced that he won't approve the hike that had been requested by insurers that provide coverage for on-the-job injuries.
But McCarty says that his office would approve a slightly lower hike 0.7 percent if insurers resubmitted their request.
That hike on employers would take effect on Jan. 1.
If the hike is ultimately approved it would make the fourth straight year that workers' compensation insurance rates have increased.
The rate hike proposal was submitted by the National Council on Compensation Insurance. The council is a rating and data collection agency owned by insurance companies. It submits rate filings on their behalf.
Wednesday, October 23, 2013
Florida rejects workers' compensation rate hike
Workers' compensation insurance has been stressed under the on going US economic downturn. lower premiums, which are based on payrolls, and increasing medical costs, are significant causes. Despite the pressure of NCCI to increase the cost dramatically, FL has officially rejected that proposal. Today's post is shared from naplesnews.com.
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