The Florida Office of Insurance Regulation (OIR) announced July 1 that the National Council on Compensation Insurance (NCCI) filed an amended rate filing to address a third legal change affecting Florida’s workers’ compensation system. This amended filing increases NCCI’s initial proposed combined average rate increase from 17.1 percent to 19.6 percent.
Individual projected rate impacts for all three recent legal changes include the following:
NCCI is proposing an effective date of October 1, 2016 for new and renewal workers’ compensation policies and that the 19.6 percent rate increase apply to all workers’ compensation policies in effect as of October 1, 2016 on a pro-rata basis for the remainder of each policy’s term.
OIR has scheduled a public rate hearing for August 16, 2016 at 9:00 a.m. to give NCCI an opportunity to discuss the filing and interested parties and other stakeholders the ability to provide testimony or comments. The hearing will be held in the Jim King Committee Room, 401 Senate Office Building, 404 South Monroe Street, Tallahassee, Florida. A media advisory with more details will be released at a later date.
NCCI is a licensed rating organization authorized to make rate filings on behalf of workers’ compensation insurance companies in Florida. The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.
*This story appeared previously in our sister publication Insurance Journal.