TALLAHASSEE, Fla. (AP) - Florida regulators are approving a drop in workers' compensation insurance rates.
Insurance Commissioner Kevin McCarty this past week announced that he was approving a rate drop for insurers that provide coverage for on-the-job injuries.
Rates will drop overall by 5.2 percent. The rate change will take effect on Jan. 1.
This marks the first time that workers' compensation insurance rates have dropped in the last four years.
Initially the National Council on Compensation Insurance had recommended a rate drop of 3.3 percent but McCarty's office rejected the request. Regulators said that NCCI's profit and contingency provisions in that request were excessive.
The council is a rating and data collection agency owned by insurance companies. It submits rate filings on their behalf.