Florida Insurance Commissioner Kevin McCarty ordered a reduction of workers' compensation premiums yesterday of 18.6 percent, exceeding the rate reduction of 14.1 percent filed by the insurance industry.
Mr. McCarty disapproved the rate filing by the National Council on Compensation Insurance, ordering the group to make an amended filing to reflect the deeper rate cuts.
"The 2003 reforms in Florida's workers' compensation laws are continuing to play a significant role in these rate reductions," he said. "In addition, positive trends in utilization and costs have helped make reductions possible."
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