It’s official…effective January 1st, workers’ compensation rates in Florida will decrease by -13.8%. We will share the new rates as soon as we get our hands on them.
Florida Insurance Commissioner David Altmaier has issued a final order for a 13.8% workers compensation rate decrease for 2019.
This applies to both new and renewing workers comp policies effective in the state as of Jan. 1, according to a statement issued on Friday by the Office of Insurance Regulation.
The final rate reduction is slightly larger than the 13.4% decline submitted by the National Council on Compensation Insurance in August.
Workers compensation rates in the state have been significantly impacted in recent years by two major court decisions: in Marvin Castellanos v. Next Door Co. et al., the Florida Supreme Court ruled 5-2 that Florida’s mandatory attorney fee schedule was unconstitutional while in Bradley Westphal v. City of St. Petersburg, the Florida Supreme Court ruled that the state’s 104-week cap on temporary total disability benefits was unconstitutional.
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