FL Rate Decrease of 14% Approved

The Florida Office of Insurance Regulation announced last week that it has approved the revised workers' compensation rates filed by the National Council on Compensation Insurance. Last month's filing was in response to an order by OIR Director Kevin McCarty, calling for a rate revision reflecting the impact of legislative reforms to the state's workers' compensation system. Governor Jeb Bush signed the reform bill last month. The approved filing will result in a rate level decrease of 14 % and will apply to new and renewal coverage beginning October 1, 2003. The reduced rates will...