Florida Insurance Commissioner Kevin McCarty has rejected a proposed cut in workers' compensation rates across the state saying it didn't go far enough.
McCarty on Wednesday told the National Council on Compensation Insurance that its proposed 3.3 percent reduction in workers' comp rates was disapproved and told the council to refile for a rate reduction of 5.2 percent by next Tuesday to get his final approval.
The NCII files rate requests on behalf of about 250 workers' compensation insurers with Florida policyholders.
McCarty said the market appears to be functioning well and there has been no significant change in the economy this past year to warrant nearly doubling NCII's underwriting profits. If the request is refiled, the new rates would be effective Jan. 1 for both new and renewal policies.