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*STATEMENT* CFO Jimmy Patronis: Reduction of Workers’ Comp Rates Could Save Florida Businesses More Than $79 Million


For Immediate Release: Tuesday, May 1, 2018
Contact: Anna Alexopolous Farrar, 850.413.2842,
TALLAHASSEE, Fla.— Florida Chief Financial Officer (CFO) Jimmy Patronis today released the following statement on the Office of Insurance Regulation’s (OIR) approval of a 1.8 percent decrease in workers’ compensation insurance rates for Florida businesses. The National Council on Compensation Insurance (NCCI) submitted the rate reduction request because of the federal Tax Cuts and Jobs Act of 2017.
“My office estimates that the 1.8 percent decrease could be a savings of $79.5 million and is a good move that will help further reduce cost burdens on Florida businesses. The estimated $79.5 million is a significant savings for our business community who support local economies, employ our neighbors, and give back to our communities. We must continue to do all we can to support and fuel Florida businesses, the backbone of our economy.” 


About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a native Floridian and a member of Florida’s Cabinet, who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).