Florida approves 1.8% workers comp rate cut
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The Florida Office of Insurance Regulation has approved a 1.8% rate decrease for workers compensation insurance in Florida related to U.S. corporate tax reform.
The National Council on Compensation Insurance filed the decrease resulting from the effects of the Federal Tax Cuts and Jobs Act, the office said in a statement Tuesday. The reduction applies to both new and renewing workers compensation insurance policies effective in Florida as of June 1.
“NCCI has demonstrated through its rate filing that this decrease is an actuarially sound response to the savings workers compensation insurers have realized as a result of recent federal legislation,” Florida Insurance Commissioner David Altmaier said in the statement. “The data indicates that passing the savings along to businesses through a rate decrease is an appropriate response at this time.”
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