OIR Approves 1.8% Rate Reduction Driven by Corporate Tax Cut

Savings generated by the tax cut signed into law by President Donald Trump last December will reduce Florida workers’ compensation rates by 1.8%, effective June 1. Chief Financial Officer Jimmy Patronis said in a press release that the Office of Insurance Regulation has approved a “law-only” filing by the National Council on Compensation Insurance. Such filings are submitted when a change in law impacts insurer losses. The insurance office said the decrease is due to a change in the profit and contingency factor within Florida's rate structure, to 0.5% from 1.85%. T...