Florida's insurance commissioner is rolling back a 6.4 percent workers' compensation rate increase that went into effect April 1.Commissioner Kevin McCarty said he is rescinding the increase because of a new law that reverses a Florida Supreme Court ruling and reinstates caps on fees for lawyers who represent workers in compensation appeals for on-the-job injuries.
The reduction is expected to save Florida employers $172 million on their workers' comp premiums after it goes into effect July 1 for new business and renewals.
Canceling the 6.4 percent hike basically restores an 18.6 percent decrease that went into effect Jan. 1, which is estimated to save employers $610 million.
- A former Montgomery, Alabama insurance executive will spend the next 12 years in federal prison for mail fraud and embezzlement in his insurance business.
John Goff, who at one time was a prime supplier of workers’ compensation insurance in several Southeastern states, was also ordered to pay $5 million in restitution to XL America insurance company. Goff, who was convicted in February of mail fraud, embezzlement and filing a false report with the state insurance department, reportedly used the monies he received to live a lavish lifestyle.
Federal prosecutors say Goff, who headed up the Goff Group in Montgomery, fraudulently collected workers' comp insurance premiums for two subsidiaries of XL America and failed to send the company $4.5 million in premiums.
Goff was also accused of lying to the state insurance department about his company's background.
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