Florida Insurance Commissioner David Altmaier has issued an Order to the National Council on Compensation Insurance (NCCI) requesting an amended rate filing to further reduce workers’ compensation rates for 2021.
The Order notifies NCCI that the rate filing submitted for a 5.7% rate decrease has been disapproved and, if amended by November 4, 2020, will be approved with the larger workers’ compensation rate decrease of 6.6%. Approval of the revised 6.6% rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order.
If approved by OIR, the revised rate decrease would become effective on January 1, 2021, for new and renewal business.
For more information about the NCCI public hearing and rate filing, visit the OIR NCCI Public Rate Hearing webpage.
About the OIR
The Florida Office of Insurance Regulation (OIR) 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.