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Gallagher Announces Millions in Potential Savings for Florida’s Small Businesses

9/12/2005

CONTACT: 
Tami Torres or Bob Lotane
(850) 413-2842

 Proposed Decrease in Workers' Compensation Rates Could Save Millions
 
 The National Council on Compensation Insurance has filed an additional 2.7 percent decrease this year in proposed workers' compensation rates, for a total decrease of 7.2 percent.  Florida's Chief Financial Officer Tom Gallagher spearheaded the passage of Senate Bill 50A in 2003 that reformed the state's workers' compensation system, including tougher penalties for workers' compensation fraud and premium evasion.  This year's proposed decrease will be the third consecutive drop in rates since the bill's passage.  If the proposed filing is approved by the Office of Insurance Regulation, the cumulative drop in overall rates since 2003 will total 24.3 percent.
 
 "This is exactly why we fought hard for workers compensation reform. Lowering rates and cutting costs will save Florida's small-business men and women an estimated $237 million that can better be used to continue fueling our state's record economic growth," Gallagher said.  "Today's news is a vindication for all of us who believe the best way government can grow an economy is by lowering the cost and burden placed on Florida's small-business owners."
 
 "I have asked Consumer Advocate Steve Burgess to independently review this filing to see if even greater savings for employers is possible."