Florida Insurance Commissioner David Altmaier issued an Order on Rate Filing today to the National Council on Compensation Insurance (NCCI) requesting an amended filing to reduce workers’ compensation rates by 7.5 percent for 2020. The Order notifies NCCI that the rate filing submitted for a 5.4% rate decrease has been disapproved and, if amended by November 4, 2019, will be approved with the larger workers’ compensation rate decrease. Approval of a revised 7.5 rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order. If approved by the OIR, the revised rate decrease would become effective on January 1, 2020, for new and renewal business.
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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. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.