After a Florida Supreme Court ruling last month that struck down a limit on attorney fees, workers’ compensation insurance rates could go up 17.1 percent, according to a proposal submitted to state regulators.
The National Council on Compensation Insurance, which submits rate proposals for the workers’ compensation insurance industry, said on Friday the hike should take effect Aug. 1. The Florida Office of Insurance Regulation will decide whether to approve the proposal, a process that could lead to a different rate change.
