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The National Council on Compensation Insurance is proposing a statewide average premium decrease of 13.4% for workers compensation insurance in Florida, the Florida Office of Insurance Regulation announced Tuesday.
The new rates, which are under review, would become effective Jan. 1, 2019, according to a press statement.
Insurance regulators say the state office will review the filing “to ensure the proposed changes are not excessive, inadequate or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees.”
A public rate hearing will be conducted in October.
Estimated future drug costs are the main reason that Centers for Medicare & Medicaid Services are requiring increases of Medicare set-aside amounts, according to a report from the National Council on Compensation Insurance released Monday.