Pointing to a need to stay focused on the aftermath of Hurricane Michael, the state Office of Insurance Regulation has canceled a public hearing slated for Wednesday on a proposed reduction in workers’ compensation insurance rates.
The office will accept written comments until Oct. 26 about the proposed 13.4 percent average rate decrease, which would take effect in January.
The National Council on Compensation Insurance, which proposes rates annually for workers’ compensation insurers, has said the proposal is in line with trends in other states.
Insurance Commissioner David Altmaier issued a statement Tuesday saying the hearing was called off because of Hurricane Michael, which caused massive damage last week in Northwest Florida.
“My office has an immediate responsibility to those impacted by Hurricane Michael to ensure every possible step that can be taken to protect policyholders is executed as soon as possible,” Altmaier said. “While we regret not being able to hold the public hearing as scheduled, OIR (the Office of Insurance Regulation) will thoroughly review the NCCI rate filing and consider all public comments prior to making a decision.”
The Office of Insurance Regulation also announced Tuesday that it is postponing an insurance “summit” that had been planned next week at Florida State University.