Associated Press Release
TALLAHASSEE, Fla. (AP) -- Insurance companies are seeking a one percent increase in workers compensation rates in Florida.
If granted it would mark the fourth straight year of rate hikes. Employers purchase workers compensation insurance to cover on-the-job injuries. The state Office of Insurance Regulation announced Friday it had received a proposal from the National Council on Compensation Insurance. The council is a rating and data collection agency owned by insurance companies. It submits rate filings on their behalf.
If state regulators approve the rate hike would go into effect Jan. 1.
The rate hike was proposed even though state lawmakers passed a measure this year that capped how much doctors can get paid for prescribing certain drugs used by injured workers.
A public hearing will be held on the proposal in October.