Workers’ comp rate increase gets state hearing on October 11

Oct 10, 2011

The following article was published in the Orlando Business Journal on October 10, 2011:

Workers’ comp rate increase gets state hearing Oct. 11

The Florida Office of Insurance Regulation will hold a public hear Oct. 11 to discuss a proposed workers’ compensation insurance premium increase that would cost Central Florida businesses $17.5 million.

The request is from the National Council on Compensation Insurance, a national firm that sets the workers’ compensation insurance rates in most states. The proposed increase, an average of 8.9 percent across different industries, is the second straight year of increases. In 2010, rates went up an average of 7.8 percent.

The increase would cost businesses $142.4 million statewide and $17.5 million in Central Florida. The agenda is available for download. The hearing, at 9 a.m. in the state capital, will be broadcast live by The Florida Channel.