State asked to ok nearly 20 percent insurance rate hike for businesses

Florida regulators are being asked to approve a nearly 20 percent rate hike in insurance premiums paid by the state’s business owners to cover their employees.

The organization that submits rate filings on behalf of insurance companies filed the request Friday in response to a recent state Supreme Court decision. The high court in June struck down a law that limited payments to injured workers to two years.

The National Council on Compensation Insurance is asking that regulators approve a 19.6 percent rate hike beginning on Oct. 1.

NCCI was already asking for a 17.1 percent rate hike when the court ruling on payments came out. That earlier request was based on a separate Supreme Court decision that struck down a law that limited attorney fees in workers’ compensation cases.

The Office of Insurance Regulation will decide whether to approve or deny the rate hike.

Republished with permission of the Associated Press.