FIC Says Irresponsible Workers’ Compensation Rate Reductions Could Reverse Reform Progress

October 18, 2005

  • October 19, 2005 at 8:56 am
    Jon L. Shebel says:
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    Anyone wanting to comment on this rate matter needs to do so “today”. It is Kevin McCarty, Director , Office of Insurance Regulation,who makes this decision………..not Tom Gallagher the Florida CFO, who brought in his Consumer Advocate to recommend a 22% reduction. The 7% reduction recommended by NCCI is right in line with what was projected from the first when the bill was being proposed in the Legislature.If the reduction is too deep and carriers withdraw capacity, this will put even more pressure on the JUA which has a deficit now and could see a $100m deficit in a few years under present conditions. Approving the proposed 7% decrease will keep the market healthy to the benefit of all………an unrealistic decrease will disrupt the Florida market to the detriment of all. The decreases are right on track in terms of projections made during the reform………why screw up a new law that is working perfectly with an unrealistic decrease which could cause a decrease in capacity by carriers?



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