Make us your home page
Instagram

Florida workers compensation rates headed down again

Rates for workers' compensation insurance are being rolled back to January levels, rescinding a recent 6.4 percent increase, under an order issued today by Florida Insurance Commissioner Kevin McCarty.

McCarty said the rollback was a direct result of legislation signed by Gov. Charlie Crist that restores the cap on attorney fees in workers' comp cases.

In October, the Florida Supreme Court eliminated statutory caps on workers' comp attorney fees, which were part of the state's wide-ranging overhaul of workers' comp system in 2003. To counter that ruling, the Legislature this spring passed a law establishing the cap and dictating that attorneys would continued to be paid based on a fee schedule of benefits secured. Hourly fees are not allowed.

Advocates of workers comp victims have objected to the new law, saying it gives attorneys less incentive to take on workers' comp cases, leaving many victims with no financial recourse.

But others applauded a cut in insurance rates.

"As Florida's employers continue to weather economic doldrums they welcome any good news and this certainly is nice shot of it," said Bob Lotane, spokesman for the National Association of Insurance and Financial Advisors Florida.

McCarty's office said the rate decrease will save Florida employers about $172 million in insurance costs.

Florida workers compensation rates headed down again 06/03/09 [Last modified: Wednesday, June 3, 2009 1:26pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Black entrepreneur says city stiffing him on project after he endorsed Rick Baker

    News

    ST. PETERSBURG — A prominent African-American resident says his endorsement of mayoral candidate Rick Baker has led city officials to freeze him out of a major construction project along the historic "Deuces" stretch of 22nd Street S.

  2. Sen. Nelson urges FEMA to examine high number of denied flood claims

    Banking

    Sen. Bill Nelson urged FEMA on Tuesday to ensure fairness, proper oversight and transparency in processing Hurricane Irma aid following a report by the Palm Beach Post that 90 percent of Irma claims under the National Flood Insurance Program had been denied.

    Sen. Bill Nelson is calling for FEMA to ensure the flood claims process post-Hurricane Irma is fair and ethical following reports that 90 percent of claims under the National Flood Insurance Program were denied. | [Times file photo]
  3. Amazon expands in Tampa with Pop-Up shop in International Plaza

    Retail

    TAMPA — A new retailer known largely for its online presence has popped up at International Plaza and Bay Street.

    Shoppers walk past the new Amazon kiosk Tuesday at the International Plaza in Tampa. The kiosk, which opened last month, offers shoppers an opportunity to touch and play with some of the products that Amazon offers.
[CHRIS URSO   |   Times]

  4. Study: Florida has fourth-most competitive tax code

    Banking

    Florida's tax code is the fourth most competitive in the country, according to a study released Tuesday by nonprofit group Tax Foundation.

    Florida has the fourth-most competitive tax code, a study by the Tax Foundation said. Pictured is  Riley Holmes, III, H&R Block tax specialist, helping a client with their tax return in April. | [SCOTT KEELER, Times]
  5. Trigaux: On new Forbes 400 list of U.S. billionaires, 35 now call Florida their home

    Personal Finance

    The latest Forbes 400 richest people in America was unveiled Tuesday, with 35 billionaires on that list calling Florida home. That's actually down from 40 Florida billionaires listed last year when a full 10 percent listed declared they were Floridians by residence.

    Edward DeBartolo, Jr., shopping center developer and  former San Francisco 49ers Owner, posed with his bronze bust last year during the NFL Hall of Fame Enshrinement Ceremony in Canton, Ohio. DeBartolo remains the wealthiest person in Tampa Bay according to the Forbes 400 list released Tuesday. 
[Photo by Joe Robbins/Getty Images]