The Florida Office of Insurance Regulation intends to increase the region's workers' compensation rates by 6.1 percent effective Jan. 2013, the state's insurance commissioner announced on Monday.
The decision to approve the hike was based on testimony offered by the National Council on Compensation Insurance (NCCI) in an October 4 hearing, which followed the Council's latest rate filing.
"NCCI has provided sufficient evidence to support a rate increase based on a variety of cost factors experienced in the marketplace," says Florida Insurance Commissioner Kevin McCarty. "Even with this rate increase, Florida's rates are still 56 percent below the rates prior to the 2003 reforms, and are competitive with other states nationally. However, I look forward to working with Florida's policymakers during the upcoming legislative session to address cost-drivers in the system."
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