Florida's workers' compensation rate going up
TALLAHASSEE, Fla. (AP) — Workers' compensation insurance rates paid by Florida's employers are going up 6.1 percent on Jan. 1.
Florida Insurance Commissioner Kevin McCarty on Friday announced his intention to approve the increase. It will follow premium increases of 8.9 percent last January and 7.8 percent in 2010.
McCarty's order is officially a denial of the filing submitted by the National Council on Compensation Insurance due to technical issues. But McCarty said he intends to approve the full amount requested once a corrected filing has been resubmitted.
Workers' compensation covers on-the-job injuries. The council is a rating and data collection agency. It is owned by insurance companies and submits rate filings on their behalf.
McCarty said that even with the increase, Florida's rates will still be 56 percent below their level in 2003.