Insurance Officials in Florida to Discuss Workers’ Comp Rates Reduction

Come October 14, the Florida Office of Insurance Regulation (OIR) will be discussing a  proposed 4.9 percent workers’ comp rates reduction. The new rate was proposed by the National Council on Compensation Insurance (NCCI) on August 30.

The hearing will be public but it will be held virtually because the NCCI has travel restrictions in place.

Members of the public can add their voices to the discussion by attending a webinar, calling a toll-free number, or emailing comments to the OIR.

The proposal has to be approved by OIR Commissioner David Altmaier.

When it proposed the workers’ comp rates reduction, the NCCI said it also wanted Florida’s insurance regulators to impose a levy on employers to set up a catastrophe fund for workers’ compensation insurance. 

In addition, it asked the state to authorize a yearly $20 million assessment to monetize the fund.

No public hearing is planned specifically to discuss the catastrophe fund proposal but it may come up during the October 14 hearing.

OIR spokesperson Alexis Bakofsky said the main focus of the upcoming session will be to take testimony from the NCCI and get public comments.

The workers’ compensation system allows employees who suffer job-related injuries or illnesses to receive a range of benefits including coverage of medical expenses and lost wages. In return, employees agree not to sue their employers for causing their illness or injury.

While the system is designed for workers to navigate it on their own, many hire local attorneys to improve their chances of getting the compensation they deserve.

If you have suffered an injury while performing your duties or developed an occupational disease, you should contact a Florida workers’ comp attorney to protect your rights.

Source: https://floridapolitics.com/archives/462336-florida-insurance-officials-to-discuss-workers-comp-rate-reduction-oct-14/

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