August 27, 2007
Associated Industries of Florida (AIF) led the business community for several years to get truly meaningful workers compensation reform for Florida's employers. Since the 2003 reforms were passed, employers have seen frivolous litigation decrease, which is the primary driver of reduced rates. Already heralded a successful reform, NCCI, the state's rate filing organization, announced last Friday that additional rate decreases of an average 16.5 percent would be sought. This means that in just 4 years following the effective dates of the reforms, average rates for most employers will have been slashed in half.
AIF will continue to defend the 2003 workers' compensation reforms in both the courts and the halls of the legislature. This law has made a real and appreciable difference in reducing the costs of doing business in this state thereby enhancing Florida's economic prosperity.
Florida's Insurance Commissioner, Kevin McCarty issued the following press release following the rate reduction proposal.