FL: IC Will Approve 7.8% WC Insurance Rate Increase

FL: IC Will Approve 7.8% WC Insurance Rate Increase

Tallahassee, FL (CompNewsNetwork) - Florida Insurance Commissioner Kevin McCarty today announced that he has advised the National Council on Compensation Insurance (NCCI) that he would approve a rate filing to increase Florida's workers' compensation insurance rates by 7.8 percent to be effective January 1, 2011 for new and renewal business. Commissioner McCarty's action is technically a denial of NCCI’s recent rate filing that sought an 8.3 percent increase.

"The rate increase that that has been justified would still give Florida the lowest rates in the southeast, and likely keep us in the top 10 states nationally for most affordable workers' compensation insurance," said Commissioner McCarty. "The NCCI's prior seven annual filings represent the largest consecutive cumulative decrease in rates in our state’s history … read more