Florida Insurance Commissioner Kevin McCarty has ordered a 5.1% reduction in workers' compensation rates, rejecting a 1.9% decrease proposed by the National Council on Compensation Insurance.
McCarty ordered NCCI to submit a new rate filing reflecting the larger decrease by Monday. In his order, he noted that NCCI had proposed a profit and contingencies factor of 4%. McCarty said that provision is "excessive" because it does not adequately reflect carriers' investment income on unearned premium and loss reserves. He directed NCCI to stick with the current 2.5% profit and...
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