The Florida Workers' Compensation Joint Underwriting Association on Jan. 1 raised the overall Tier 3 premium level 2% and adopted the voluntary market rates for all three tiers.
The FWCJUA board approved the Tier 3 increase to maintain actuarial soundness, according to a Dec. 28 letter from Executive Director Laura Torrence to Florida Insurance Commission Kevin McCarty.
The board in June established the Tier 3 rating structure. Like the formula for Tiers 1 and 2, the premium level is a percentage above the comparable voluntary market premium, with the exception of an Assigned Risk Adjustme...
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