A Florida Supreme Court ruling has resulted in a request to raise workers compensation rates by 8.9 percent.
The National Council on Compensation Insurance filed the request, citing last month’s ruling in which justices struck down a cap on fees paid to lawyers for injured workers.
The Florida Supreme Court its final ruling in Murray v. Mariners Health/ACE USA, reinstated hourly attorneys’ fees in workers compensation cases.
The industry rating council predicted the decision would raise costs 18.6 percent but the full effect won’t be felt for two years, so said it’s asking for only half that now.
A public hearing is tentatively set for Dec. 16.
The request comes little more than two weeks after Insurance Commissioner Kevin McCarty approved an 18.6 percent rate cut. It was the last in a series of reductions totaling 60.5 percent. When he announced that reduction, McCarty acknowledged that the Murray court ruling would likely prompt a rate hike bid.
Topics Carriers Florida Legislation Talent Workers' Compensation Pricing Trends
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