Florida Workers’ Compensation Insurers Seek 8.9% Rate Hike

November 17, 2008

A Florida Supreme Court ruling has resulted in a request to raise workers compensation rates by 8.9 percent.

The National Council on Compensation Insurance filed it Friday, citing last month’s ruling. The justices struck down a cap on fees paid to lawyers for injured workers.

The council predicted the decision would raise costs 18.6 percent but the full effect won’t be felt for two years, so it’s asking for only half that now.

A public hearing is tentatively set for Dec. 16.

The request comes little more than two weeks after Insurance Commissioner Kevin McCarty approved an 18.6 percent rate cut. It was the last in a series of reductions totaling 60.5 percent.

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