Florida Approves Comp Rate Decrease
The 18.6 percent reduction, which will be effective January 1, will produce an estimated savings of more than $610 million for Florida employers, the commissioner says in a statement.
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October 31, 2008
Florida Approves Comp Rate Decrease
Florida Insurance Commissioner Kevin McCarty on Tuesday, October 28,
approved an 18.6 percent workers’ compensation rate reduction effective January
1. (California and North Carolina have also recently approved comp-rate changes.)
The reduction will produce an estimated savings of more than $610 million for
Florida employers, the commissioner said in a statement. It marks the sixth
consecutive rate drop since 2003, when Florida lawmakers adopted sweeping
workers’ comp reforms that have since reduced rates by more than 60 percent.
McCarty said employers could eventually face rate increases as a result of an
October 23 Florida Supreme Court decision in the case of Murray v. Mariner. That
ruling rejected certain attorney-fee limitations in the workers’ comp system. A
reduction of those fees has been cited as one of the significant causes of rate
declines, the commissioner said.
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