National Council on Compensation Insurance (NCCI) Files First Florida Statewide Average Workers’ Compensation Decrease in Four Years
Aug 25, 2014
On August 22, 2014, the Florida Office of Insurance Regulation (“OIR”) announced its receipt of the 2015 Florida workers’ compensation rate filing by the National Council on Compensation Insurance (“NCCI”). The filing proposes a statewide average rate decrease of 2.5 percent–the first decrease in four years, according to the OIR.
The NCCI, which is a licensed rating organization authorized to make rate filings on behalf of insurers, reports fewer claims and lower losses are responsible for the proposed rate decrease. For an OIR summary about the NCCI filing, click here.
The OIR explained that the statewide average rate change is based on changes to five industry groups: manufacturing, contracting, office and clerical, goods and services, and miscellaneous.
Regulators will now review the NCCI filing to ensure the proposed changes are not excessive, inadequate or unfairly discriminatory. The OIR will also evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees.
A public hearing on the filing is anticipated during October 2014. A rate order will follow, usually within three weeks. Thus, the new rates would become effective January 1, 2015.
According to the OIR, four of Florida’s top 10 workers’ compensation writers are based in Florida.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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