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Member, Beacon International Group, Ltd.
TALLAHASSEE, Fla.—Florida’s insurance commissioner has approved a 7.8% increase in workers compensation rates effective Jan. 1, 2011, slightly less than the 8.3% increase that had been sought by the Boca Raton, Fla.-based National Council on Compensation Insurance Inc.
Workers compensation rates in Florida have decreased 61.9% since 2003. However, even with next year’s 7.8% increase, Florida’s workers compensation rates are below the level they were in 2009, according to regulators.
“The rate increase 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 Kevin McCarty in a statement. “The NCCI’s prior seven annual filings represent the largest consecutive cumulative decrease in rates in our state’s history.”
Mr. McCarty attributed the decline to Florida’s 2003 Workers Compensation Reform Act, which was designed to reduce litigation, provide greater compliance and enforcement authority for the state to combat fraud, revise certain indemnity benefits for injured workers, increase medical reimbursements for physicians and surgical procedures, and increase the availability and affordability of coverage.
TALLAHASSEE, Fla.-Florida employers are applauding the state's new workers compensation reform law, saying the reforms will help reduce costs and fraud, improve injured worker benefits and create a more efficient system.