National Council on Compensation Insurance (NCCI) Proposes Overall One Percent Increase in Annual Florida Rate Filing
Aug 16, 2013
The Florida Office of Insurance Regulation (“OIR”) announced today, August 16, 2013, that the National Council on Compensation Insurance (“NCCI”) submitted its annual rate filing for workers’ compensation insurance rates in Florida, with a proposed overall increase of 1 percent effective January 1, 2014.
However, it reflects a cumulative decrease of 55.9 percent in overall rates since comprehensive legislative reforms passed in 2003.
The OIR will review and analyze the rate filing to evaluate potential effects on Florida’s workers’ compensation insurance marketplace and employers. A public rate hearing will likely be scheduled in early October.
Prior to the 2003 legislative reforms, Florida consistently ranked first or second in the country for the highest workers’ compensation rates. Following the reform, Florida rates became some of the most competitive in the nation with seven years of significant decreases approved for the annual experience filing submitted by NCCI. This year, however, marks the fourth year in a row of proposed increases in the annual experience filings.
The OIR plans to make recommendations to the 2013 Legislature to address cost drivers in the workers’ compensation insurance system.
To view the NCCI’s statement on the rate filing, click here.
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