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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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.