Florida Chamber of Commerce Update on Workers’ Compensation Ruling
Oct 28, 2008
The Florida Chamber of Commerce (“Chamber”) released an update on last week’s Supreme Court decision to invalidate the attorney fee caps passed with the 2003 workers’ compensation reforms.
The Chamber’s update is reprinted below for your review.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
Florida Chamber of Commerce Update on Workers’ Compensation Ruling
In the days that have followed last week’s Supreme Court decision to invalidate the attorney fee caps passed with the 2003 workers’ compensation reforms, the Florida Chamber has been actively seeking out reaction to the ruling from key individuals and groups.
Florida Insurance Commissioner Kevin McCarty said, “Thursday’s decision by the Florida Supreme Court will have the effect of returning the law to what it was prior to the 2003 reforms and might significantly erode the savings that have been so important to Florida employers.” McCarty continued by saying that, “The Florida Legislature will have to intervene to clarify its intent to limit attorneys’ fees in workers’ compensation cases. At this juncture, the workers’ compensation rating organization, the National Council on Compensation Insurance (NCCI), will have to make a new filing in support of any rate impact that they believe will result from the Murray decision.”
For its part, NCCI has said the 1/1/09 Florida workers compensation rate filing process will not be impacted by the Murray decision, meaning the 18.6% decrease will go into effect on 1/1/09 as planned. However, NCCI intends to make a separate law only filing for the impact of the Murray decision in mid-November, with a proposed effective date of 3/1/09 which will apply to new, renewal, and outstanding policies. Therefore, in mid-November, Florida businesses should have an initial estimate of the impact of this ruling on their workers’ compensation costs.
Rep. Dennis Ross, the sponsor of the 2003 workers’ compensation reforms, met with the Florida Chamber’s lobby team Thursday evening to review the ruling, and taped two video messages for Florida Chamber members.
Click here to view Rep. Ross analyzing the impact of the ruling.
Click here to view Rep. Ross discussing what the business community can do in response to the ruling.
Finally, click here to join the Florida Chamber’s Insurance Action Council to work on insurance solutions, and help fight to keep costs affordable for Florida’s businesses.