Workers’ compensation insurance rates will increase to 14.5 percent starting on December 1, after a filing on Tuesday that carried out a decision by Florida state regulators.
The National Council on Compensation Insurance (NCCI) submits rate requests for workers’ compensation insurers made the filing as reported by The News Service of Florida.
NCCI initially requested a 19.6 rate hike, but the state Office of Insurance Regulation last week trimmed the increase to 14.5 percent. NCCI was required to file revised numbers that matched the regulators’ decision.
The rates are going up mainly because of a Florida Supreme Court ruling in April that said the state’s strict limit on attorneys’ fees in workers’ compensation cases were unconstitutional.
The increase is expected to prompt a debate during the 2017 legislative session about changes in the workers’ compensation system, with business groups arguing that higher rates will hurt employers.