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Florida OIR Tells NCCI Proposed Work Comp Rate Decrease Is not Enough

 

In an Order issued Wednesday, Nov. 5, Florida Insurance Commissioner Kevin McCarty notified the National Council on Compensation Insurance (NCCI) that its proposed 3.3 percent overall decrease in Florida workers' compensation rates has been disapproved.

 

Substantiating the disapproval, the Florida Office of Insurance Regulation (OIR) contended that the NCCI's use of an increase in the profit and contingency factor from 2.5 percent to 4.5 percent was excessive and unjustified.

 

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