Florida Insurance Commissioner Kevin McCarty late Friday announced a proposed statewide rate decrease of 16.5 percent for workers' compensation insurance.

If approved, the rate cut proposed by the National Council on Compensation Insurance (NCCI), which produces and files rates for insurers, would be effective for new and renewal business as of Jan. 1, 2008.

The announcement said that a hearing will be held by the Office of Insurance Regulation (OIR) sometime in October.

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