Florida OKs drop in insurance rates charged to businesses
TALLAHASSEE, Fla. (AP) — Florida regulators are approving a 9.5 percent drop in insurance rates charged to the state’s business owners to cover their employees.
The Office of Insurance Regulation on Thursday announced it had approved a drop in workers’ compensation insurance rates. The new rates are scheduled to take effect Jan. 1, 2018.
The National Council on Compensation Insurance asked regulators to approve a slightly smaller 9.3 percent rate decrease.
A year ago workers compensation rates were hiked up because of concerns about rulings from the Florida Supreme Court. One of those rulings struck down a law that limited attorney fees in workers’ compensation cases.
Regulators last year ultimately approved a 14.5 percent hike. But claims experience and new data showed that the rates did not need to be that high.