McCarty Approves 4.7% Rate Decrease after Revising Profit, Contingency Factor

Florida Insurance Commissioner Kevin McCarty relented, somewhat, and ordered a 4.7% decrease in workers' compensation rates on Thursday after increasing the profit and contingency factor used to calculate the rate by a quarter of a percentage point. McCarty last week ordered the National Council on Compensation Insurance to file for a 5.1% reduction instead of the 1.9% reduction it had recommended. NCCI, however, submitted additional information to the Office of Insurance Regulation on Friday and asked the commissioner to reconsider. McCarty said after reviewing the material, he agre...