Florida’s Office of Insurance Regulation has approved a change in workers’ compensation insurance rates charged to business owners in the state.
Effective January 01, 2018, workers’ comp rates will decrease by 9.5%.
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The Associated Press reported that the National Council on Compensation Insurance had initially requested state regulators to approve a slightly smaller 9.3% rate decrease.
Workers’ comp rates in Florida were increased a year ago following key rulings by the state Supreme Court. One such ruling struck down a law that limited attorney fees in workers’ compensation cases.
Due to the ruling last year, regulators approved a 14.5% hike. Claims experience and new data, however, suggested that the rates were unnecessarily high.
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