McCarty rolls back workers' comp rates, saves big biz big bucks
Florida Insurance Commissioner Kevin McCarty has issued a final order approving lower workers' compensation rates in the wake of a new law that restores the state cap on attorney fees for workers' comp cases.
McCarty's order okays a rollback from the April 1 rates to the lower workers’ compensation insurance rates that became effective Jan. 1. The order is based on a recent filing by the National Council on Compensation Insurance that came as the result of Gov. Charlie Crist’s signing into law of HB 903, which became a final-hour battle between big business and trial lawyers this session.
McCarty in February had approved a 6.4 percent increase, a reaction to a Florida Supreme Court opinion that eliminated the statutory caps on attorney fees established by the Legislature in 2003.
“I am pleased that Gov. Crist and the Florida Legislature recognized the importance of keeping our workers’ compensation rates down,” McCarty said.
The approved rate decrease will save Florida employers about $172 million in insurance costs, McCarty's office estimates. The decrease applies to new and renewal business and will become effective July 1.
Read the order here: Download Workerscomp