State regulators may be close to deciding on a proposed 19.6 percent increase in workers’ compensation insurance rates.
Insurance Commissioner David Altmaier on Tuesday told Florida Gov. Rick Scott and Cabinet members that the Office of Insurance Regulation is “very close” to being finished with reviewing the proposal.
The National Council on Compensation Insurance, which makes rate filings for workers’ compensation insurers, proposed the 19.6 percent hike primarily because of an April ruling by the Florida Supreme Court that said a limit on attorneys’ fees in workers’ compensation cases was unconstitutional.
Altmaier’s office held a hearing Aug. 16 on the proposal, which has drawn heavy interest from business groups, insurers, labor groups and attorneys for injured workers.
The increase was proposed to take effect Oct. 1.