Florida CFO: Continued Compliance, Education Will Help Further Reduce Workers’ Comp Rates
Sep 2, 2008
Florida Chief Financial Officer Alex Sink released a statement regarding the National Council on Compensation Insurance rate filing on Friday, August 29, 2008, that would result in an average 14.1 percent workers’ compensation insurance rate decrease in the State of Florida.
A hearing on the proposed rate decrease is expected in October, but has not been announced at this time.
Crediting Division of Workers’ Compensation’s Bureau of Compliance (“Division”) outreach efforts for a reduction of more than 25 percent reduction in lost-time injury rates, as well as compliance and enforcement activities for having added more than 43,000 employees to the system during the last four years, CFO Sink said that while enforcement is a top priority, education and outreach activities will be expanded in an effort to prevent compliance problems.
With the first class beginning October 1, 2008, the Division will present approximately 40 free continuing education programs a year throughout Florida, focusing on compliance and coverage issues important to contractors and employers. Credits are available to contractors whose licenses require continuing education in workers’ compensation and workplace safety.
To view the schedule of educational workshops, click here.
CFO Sink’s August 29 press release is reprinted below.
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CFO Sink Cheers Proposed Sixth Consecutive Workers’ Compensation Rate Decline
TALLAHASSEE, FL — Florida Chief Financial Officer Alex Sink cheered the news that Florida’s employers could see a sixth consecutive decline in workers’ compensation rates. The National Council on Compensation Insurance today filed a request with the Office of Insurance Regulation for an average 14.1 percent rate decrease, which if approved would constitute a cost savings of about $465 million for Florida employers effective January 1, 2009. The cumulative rate decrease since 2003 is 58 percent. A hearing on the proposed rate decrease is expected in October.
“A stable and viable workers’ compensation system is good for everyone, especially for Florida businesses and their employees — the backbone of our economy,” said CFO Sink, who oversees the Department of Financial Services, which includes the Division of Workers’ Compensation, the agency charged with regulating workers’ compensation in Florida. “No other state has matched Florida’s rate reductions, and no other state is working harder to take care of employers and employees.”
Augmenting the rate cuts, Division of Workers’ Compensation outreach efforts have resulted in a more than 25 percent reduction in workers’ compensation lost-time injury rates, and compliance and enforcement activities have added more than 43,000 employees to the workers’ compensation system during the last four years.
“By improving compliance, we not only protect more workers but also bring more premiums into the system, which helps to further reduce rates,” said CFO Sink.
Florida is a leader in workers’ compensation rate reductions and CFO Sink noted that in the past year, the Division hosted regulators from Connecticut and New York wanting to learn about Florida’s investigative and enforcement operations. CFO Sink said while enforcement is a top priority, the Division is expanding its education and outreach activities in an effort to prevent compliance problems.
The Division of Workers’ Compensation’s Bureau of Compliance has certified instructors who, beginning in October, will present approximately 40 continuing education programs a year throughout Florida, focusing on compliance and coverage issues important to contractors and employers.