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Commissioner McCarty Orders Workers’ Compensation Rates Lowered by 5.1%

Tuesday, November 3, 2015   (0 Comments)
Posted by: Chad Faison
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Commissioner McCarty Orders Workers’ Compensation Rates Lowered by 5.1%

TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin M. McCarty has ordered the National Council on Compensation Insurance (NCCI) to lower workers’ compensation rates for Florida employers by 5.1%. The Order signed today is a disapproval of the proposed 1.9% decrease NCCI included in its rate filing. If the rate filing is resubmitted to the Office by Monday, November 9th with the required changes, the Office will approve the filing.

“Florida’s workers’ compensation market is both competitive and affordable. This approval would represent a 60% cumulative reduction in Florida workers’ compensation rates since 2003 and having competitive rates is a critical element in bringing new jobs to our state,” said Commissioner McCarty. “It allows Florida’s businesses to continue growing economically, while helping injured workers get the medical assistance they need to return to work.”

NCCI files on behalf of approximately 260 workers’ compensation insurance companies with Florida policyholders. A public hearing for the rate filing was held on October 21, 2015. Interested parties representing the roofing industry and Professional Employer Organizations (PEO) provided testimony on a variety of issues to include expressing concerns about potential fraudulent activity within the workers’ compensation system. PEO’s are third party organizations that provide services for many small business employers including providing workers’ compensation coverage. The Office will be working collaboratively with these parties to learn more about how best to address these issues.

Additionally, several workers’ compensation court cases are pending before the Supreme Court, which include Westphal v. City of St. Petersburg, Castellanos v. Next Door Company and Stahl v. Hialeah Hospital. The possible negative impact from these court case decisions ranges from rendering the entire workers’ compensation system unconstitutional to increasing workers’ compensation costs. The Office is closely monitoring these cases.

For more information about the 2016 NCCI annual rate filing, visit the Office’s “Past Public Rate Hearingswebsite page.

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