Crisis, what crisis? Just a year after dire predictions that the state’s economy was in peril due to rising insurance costs, Florida businesses could see an average 9.3 percent reduction in workers’ compensation premiums in the coming year under a rate filing Insurance Commissioner David Altmaier will consider later this month.
Florida businesses could see workers’ compensation insurance premiums decrease in 2018, after a tumultuous period that included a double-digit rate hike late last year and a lobbying battle about whether to revamp workers’ compensation laws.
As expected, state insurance regulators have issued a final order jacking up the price of worker’s compensation insurance by nearly 15 percent. The order was published Thursday. The decision approves the National Council on Compensation Insurance (NCCI) request “for an overall combined statewide average rate increase of 14.5 percent,” the Office of Insurance Regulation said in a press release. The rate hike, which applies to new and renewal policies, is effective Dec. 1. The increase continues to be bitterly opposed by business groups. The…
NFIB/Florida Executive Director Bill Herrle on Wednesday criticized workers’ compensation insurers for pushing through a 14.5 percent rate increase this month. Herrle called the increase “massive” and said it would “undoubtedly hurt small businesses by threatening their ability to keep their doors open and employ Floridians.” The National Federation of Independent Business calls itself “the nation’s leading small-business advocacy group,” according to its website. State regulators approved a 14.5 percent increase in workers’ compensation insurance premiums. The new rates, however, are lower than ones initially proposed by…
The Associated Industries of Florida (AIF) business lobby is forming a “Florida Workers’ Compensation Strategic Task Force” after court decisions they said will collectively cost businesses in the hundreds of millions. The task force evolved from a series of “Helping Florida Work” town halls in Jacksonville, Tampa and Miami this summer “to foster ideas and initiatives,” the group said in a news release. “After hearing from our elected leaders and business community from all corners of the state on how…
An injured South Florida nurse who unsuccessfully challenged the state’s workers’ compensation system now wants the U.S. Supreme Court to take up the case. Daniel Stahl filed his petition Tuesday, court dockets show. The request has not yet been acted on. In April, the Florida Supreme Court decided not to consider Stahl’s case. After hearing arguments in Stahl v. Hialeah Hospital, all seven justices agreed to “exercise our discretion and discharge jurisdiction,” the court’s one-paragraph opinion said. “Accordingly, we dismiss review.” Its inaction…
A request to increase worker’s compensation insurance rates has now gone up to nearly 20 percent, stoking ire from the state’s business lobby. The National Council on Compensation Insurance (NCCI), an umbrella organization representing insurers, filed the request Friday with state insurance regulators. It blames recent state Supreme Court rulings for the hike. The Florida Chamber of Commerce is warning that such a rate hike would make Florida the costliest state for employers to buy workers’ comp insurance, mandated by states to pay workers…
