Fla. to Hear Industry’s Bid to Cut Workers Comp Rates 13%

The National Council on Compensation Insurance filed a proposed 13.3 percent decrease in Florida workers compensation rates that will face a public hearing next month in Tallahassee.

According to the Florida Office of Insurance Regulation, the proposed average statewide rate decrease would produce a savings of over $400 million for Florida employers – the fourth decrease since 2003.

“This further reduction in the workers’ compensation rates would be good for small business, and good for Florida’s economy,” McCarty said. “In two of the last three NCCI filings, our office ultimately approved rate cuts greater than those advocated by NCCI. We will review this filing and consider testimony from the hearing to ensure Florida policyholders are receiving the total rate reduction they are entitled.”

The rate change would be effective for new and renewal business as of January 1, 2007. The OIR initially received the rate filing on August 29. Reasons cited by NCCI for the proposed rate reduction include a drop in claims frequency, reduced costs of claims, enhanced fraud compliance, and compensation reform for attorney and physician fees.

The hearing will be held in the Senate Office Building, Room 401, South Monroe Street, in Tallahassee at 1 p.m. on Oct. 9. The hearing will be broadcast live on the Florida Channel, and will subsequently be uploaded to the OIR website at: http://www.floir.com. Individuals wishing to comment on the proposed rate reduction can e-mail the OIR at ratehearings@fldfs.com.

Source: www.floir.com