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Senate Banking and Insurance gets an earful on Workers’ Comp

December 13th, 2016 by Mike Vasilinda

Businesses fearing a hike in the cost of workers compensation in Florida after a Supreme Court decision that threw out limits on attorneys fees made their case at the state capitol today. So did lawyers who say Florida is one of only 9 states that does not set rates based on competition. Tampa lawyer Christopher Smith told the Senate Banking and Insurance Committee that in the state, workers comp is the only one of 37 lines of business that has no competition.

“Unfortunately, in Florida, despite that the rates are high. Higher than the national average, only 48.5% of the premium dollar goes out in the form of benefits to injured workers. So where does the rest of the money go? we would submit that it goes to profits and expenses that are not being reigned in through the competitive rate making process” says Smith.

Lawmakers expect the workers comp issue will be the most heavily lobbied issue for business in the spring legislative session.

 

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