Office Takes Action on Workers’ Compensation Insurance Rates
After a thorough review of the workers’ compensation insurance rate filing submitted by the National Council on Compensation Insurance (NCCI) and careful consideration of hundreds of public comments and testimony received from interested stakeholders, the Florida Office of Insurance Regulation (Office) has issued an Order that gives contingent approval to an overall combined average statewide rate increase of 14.5% versus the requested 19.6%. Approval of the revised rate increase is contingent on NCCI amending the filing to include the recommended changes stipulated within the Order. As ordered by the Office, the revised rate increase would become effective on December 1, 2016 for new and renewal business, with no change in rates for current in-force policies. The amended rate filing must be filed with the Office for review and approval no later than October 4, 2016.