Last week, Florida Insurance Commissioner Kevin McCarty approved a rate drop for insurers that provide workers' compensation coverage, says the Associated Press.
|Rates will drop by 5.2% overall. The change will take effect on Jan. 1. According to AP, this is the first time workers' comp rates have dropped in the last four years.
|McCarty's office rejected an initial rate drop of 3.3% that had been recommended by the National Council on Compensation Insurance. Regulators said that NCCI's profit and contingency provisions in that request were excessive.
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