CommittedTo Tallahassee’s Legal & Public Affairs Community Hancock Bank is one of the strongest and safest banks in America. Our team of expert bankers has a legendary commitment to service, and we offer leadingedge private banking products tailored to fit your needs. Let us focus on the banking so you can focus on the Capitol. Come visit our Downtown Financial Center at 101 North Monroe St., Suite 150, to find out how we can help you achieve your financial goals. 850-792-8820 hancockbank.com WINTER 2016 INFLUENCE | 97 workers’ compensation premiums in the country, as shown by a study by the Oregon Department of Consumer and Business Services and cited by AIF. By 2010, Florida ranked No. 40 among the states. Following the impending increases, it will rank No. 23. Richard Chait, chairman of the Workers’ Compensation Section of the Florida Justice Association, did not respond to a request for an interview for this story. But when the Florida Office of Insurance Regulation heard testimony on NCCI’s requested rate increase, he argued that greedy insurers — not trial lawyers — were to blame. Castellanos eliminated an incentive for insurers to deny valid claims, he said. Unfortunately, to buy into that argument, one must agree that all claims are valid and denials are all illegitimate. That is simply not the case. It may be a simplistic explanation: Lawyers get bigger fees, premiums go up, claimants still only gets their benefits. But, in fact, Castellanos created an incentive for lawyers to file and litigate claims; the exact situation the Legislature successfully constrained in 2003 and 2009. A group of advocates — named 14.5, after the workers’ compensation percentage rate hike — characterized it as “essentially misplaced,” but it is the same reform put in place in 2003, which drove prices down more than 60 percent, something now invalidated by the court. Could it be possible that former Florida chief insurance regulator Kevin McCarty was ill advised … for 13 years? “What Castellanos is going to do is serve as a great equalizer,” Chait said. “What we’re seeing is that cases that have been entrenched in litigation are now resolving. But it can be argued that lawyers have been running up the cost. That cases that have claims pending are being processed before 30 days — or even better, no petitions for benefits are needed.” They claim costs go up — just as they went down before Castellanos. Neither Hart nor Herrle was prepared to say what an ideal fix might look like; both task forces were still settling on the details. Hart has spoken to several potential bill sponsors and hoped business would agree on a unified approach. “Our intention is clear: to address the Supreme Court decisions, and in particular the decision that found caps on fees unconstitutional,” Herrle said. “Otherwise, 14.5 percent is unfortunately just the start of rate increases to come.” Sen. Wilton Simpson, a Republican from Trilby who will serve as majority leader next session, hopes to avoid getting bogged down in a fight between business and trial lawyers. He wants to hear ideas from all sides and to consider what other states are doing. Emory Mayfield Market President Diana Cureton Private Banker Hancock Bank is the trade name used by Whitney Bank in offering banking products and services in MS, AL and FL. Whitney Bank, Member FDIC, is a wholly owned subsidiary of Hancock Holding Company.
19520EE
To see the actual publication please follow the link above