Last week, Florida Insurance Commissioner Kevin McCarty approved a rate drop for insurers that provide workers' compensation coverage, says the Associated Press.
Rates will drop by 5.2% overall. The change will take effect on Jan. 1. According to AP, this is the first time workers' comp rates have dropped in the last four years.
McCarty's office rejected an initial rate drop of 3.3% that had been recommended by the National Council on Compensation Insurance. Regulators said that NCCI's profit and contingency provisions in that request were excessive.
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