The state’s insurance for injured employees remains strong despite weakness in other parts of the country.
The annual report providing data on the condition of the workers compensation insurance marketplace in Florida has now been released, and it has shown that the market in that state is still holding strong and is maintaining its competitive status.
This report was initially released on Wednesday to provide insight into this marketplace.
It was issued by the Office of Insurance Regulation in the state. That office pointed out that the premiums that employers were paying have considerably dropped. When compared to the rates that were being paid several years ago, there has been a decrease of more than half. They credit the law that was passed in 2003 specifically to bring down the workers compensation premiums in the state.
Since that time, there has been a decline in workers compensation premiums by 56 percent.
Among the main factors pointed out in the report, which had an impact on bringing the workers compensation rates down by complying with the 2003 law, was to set a cap on the amount that lawyers could be paid when they have represented employees who have experienced an injury while on the job.
However, the report also pointed out that the impact of this regulation is starting to wear thin, as there have now been three instances of workers compensation rate increases, which have followed seven years in which the premiums only fell.
The annual report from the Florida Office of Insurance Regulation also made it clear that they believe that it would be possible for the workers compensation rates to drop even further if the state placed a limitation on the maximum allowable amount for doctors to charge for the drugs that they are selling to patients of these cases. In 2010, the legislature of the state had passed a bill of this nature. However, the Governor at the time, Charlie Crist, vetoed it so that it could not progress any further.
A number of other comments were made to reflect the opinions of the Office in terms of explaining the state of the workers compensation market within Florida, but when all was said and done, it feels that it remains in a strong position for the moment.