Fla. workers compensation rate increase sought
TALLAHASSEE, Fla. (AP) — Insurance companies are seeking a 6.1 percent increase in workers compensation rates in Florida.
The state Office of Insurance Regulation announced Thursday it had received proposal from 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.
Employers purchase workers compensation insurance to cover on-the-job injuries.
The increase would go into effect Jan. 1. Premiums last January increased 8.9 percent. If the new proposal is approved, Florida's rates would still be 56 percent lower than in 2003. That's when the Legislature passed a law aimed at reducing rates through provisions that include a limit on fees paid to lawyers for injured workers.
A public hearing will be held on the proposal in October.