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McCarty Delivers Fifth Straight Workers' Comp Rate Cut

Rare is the moment when Insurance Commissioner Kevin McCarty has the opportunity to hand down the largest workers' compensation rate decrease in the state's history while getting high marks for

By Michael H. Adams | Updated on November 30, 2007

Rare is the moment when Insurance Commissioner Kevin McCarty has the opportunity to hand down the largest workers’ compensation rate decrease in the state’s history while getting high marks for showing an admirable measure of restraint. But that was precisely the position McCarty found himself in as he signed off on a statewide average 18.4 percent rate cut, which fell close to the mark set by the National Council on Compensation Insurance that had recommended a 16.5 percent rate decrease. In fact, the commissioner publicly endorsed NCCI’s findings and methodology, a rare event considering the long history of rate disputes in past years.

“The extra reduction in rates will mean a significant amount of added savings to be passed on to Florida’s employers,” said McCarty as he handed down his decision. “The National Council on Compensation Insurance has recognized that the cost of doing business in Florida has become less expensive and has filed appropriate rates to reflect those savings.”

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