Florida’s Office of Insurance Regulation has ordered a 5.1% workers compensation rate cut, disapproving the National Council on Compensation Insurance Inc.’s proposed 1.9% overall rate level decrease.
Florida Insurance Commissioner Kevin M. McCarty ordered Boca Raton, Florida-based NCCI to submit a new rate filing that contains a 5.1% reduction in rates no later than Nov. 9 to meet statutory timeframes for a Jan. 1 effective date, according to a Tuesday statement by the Office of Insurance Regulation. In the statement, Commissioner McCarty said the use of a 4% profit and contingencies provision in the filing is “excessive” and “does not adequately reflect investment income or unearned premium and loss reserves.”