TALLAHASSEE – Florida regulators are rejecting a proposed one percent hike in workers’ compensation insurance rates.
Insurance Commissioner Kevin McCarty on Wednesday announced that he won’t approve the hike that had been requested by insurers that provide coverage for on-the-job injuries.
But McCarty says that his office would approve a slightly lower hike 0.7 percent if insurers resubmitted their request.
That hike on employers would take effect on Jan. 1.
If the hike is ultimately approved it would make the fourth straight year that workers’ compensation insurance rates have increased.
The rate hike proposal was submitted by 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.