Workers Comp Premiums Could Be Trimmed
State regulators will consider a proposal to reduce workers-compensation insurance premiums by an average of 2.2 percent in 2016, according to documents released Friday.
The National Council on Compensation Insurance, which annually proposes worker-compensation rates, pointed to a series of reasons for the potential decreases, which would vary depending on the type of industry.
For example, the office and clerical industry would see an average 5.1 percent rate cut and the manufacturing industry would receive an average 4.7 percent reduction. The contracting industry, however, could see an average 1 percent increase, according to a summary of the proposal.
"Today, Florida's workers compensation insurance rates, overall, remain stable and commensurate with other southeastern states,'' said the summary by the organization, which is commonly known as NCCI.
The summary, however, also warned that two workers-compensation lawsuits pending in the Supreme Court --- and another potential Supreme Court case --- could affect rates.
The state Office of Insurance Regulation is expected to hold a hearing in October as it decides whether to approve the NCCI proposal.