TALLAHASSEE, Fla. (AP) - Florida regulators are being asked to approve a whopping 17.1 percent rate hike in insurance premiums paid by the state's business owners to cover their employees.
The agency that submits rate filings on behalf of insurance companies filed the request Friday and blamed a recent state Supreme Court decision for most of the price hike.
The Florida Supreme Court last month struck down a law that limited lawyer fees in workers' compensation cases. The court ruled fee limits are unconstitutional because they resulted in a system where people can't find lawyers to represent them at unreasonably low rates.
The National Council on Compensation Insurance said the decision will require a $623 million rate hike starting Aug. 1.
The Office of Insurance Regulation will decide whether to grant the request.
