Florida News Straight From the Source
The Office of Insurance Regulation (OIR) has received the 2019 Florida workers’ compensation rate filing by the National Council on Compensation Insurance (NCCI), which proposes a statewide average premium decrease of 13.4%. The new rates would become effective January 1, 2019. [Read more…] about OIR Receives Annual Workers’ Compensation Rate Filing
Florida Insurance Commissioner David Altmaier has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall rate level decrease of 9.5% and premium level decrease of 9.8%. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2018.
“I am pleased that today’s approval of NCCI’s rate filing will translate into a decrease in workers’ compensation rates for many Florida employers,” stated Commissioner Altmaier. “The Office will continue to monitor the marketplace and support reforms that provide additional cost savings for Florida’s businesses.”
“Florida’s job creators will no doubt appreciate this significant cost savings, a step that will support our state’s growing economy,” said Florida’s Chief Financial Officer Jimmy Patronis. “I’m pleased to see the cost of business going down, and as the Legislature looks at our workers’ compensation system, I will be working with them on proposals to lock in these lowering rates.”
NCCI received this approval after submitting an amended rate filing to the Office on November 7, 2017, which met the stipulations of an Order issued by the Commissioner on October 31, 2017.
For more information about the NCCI public hearing and rate filing, visit the Office’s “NCCI Public Rate Hearing” webpage.
Florida Insurance Commissioner David Altmaier issued an Order late yesterday notifying the National Council on Compensation Insurance (NCCI) that its 2018 rate filing has been disapproved and, if amended by November 7, 2017, will be approved with a slightly larger workers’ compensation rate decrease. Approval of a revised rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order. If approved by the Office, the revised rate decrease would become effective on January 1, 2018 for new and renewal business.
The Office of Insurance Regulation has received the 2018 Florida workers’ compensation rate filing by the National Council on Compensation Insurance (NCCI), which proposes a statewide average premium decrease of 9.6%. This includes a statewide average rate decrease of 9.3% and a reduction of the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to $160. The new rates would become effective January 1, 2018.
As always, the Office will review the filing to ensure the proposed changes are not excessive, inadequate, or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees. A public rate hearing will be conducted in October.
NCCI is a licensed rating organization authorized to make rate filings on behalf of workers’ compensation insurance companies in Florida. For more information about the filing, read the NCCI press statement.
“It’s a shame the opponents to workers’ compensation reform continue to rely on the same tired old arguments of ‘blame the lawyers,’ rather than working on meaningful solutions that will help Florida’s businesses and workers. The insurance industry has been using an improper, unjust process to line its pockets, and it’s time the workers’ comp system was fixed to benefit those who are truly supposed to benefit from it: Florida employers and the hard-working men and women who depend on them for their jobs. We look forward to continuing to work with the Legislature to enact meaningful, workable reforms.”
Richard Chait serves as Chair of the Workers’ Compensation Section of Florida Justice Association
The Florida Office of Insurance Regulation (Office) has released the 2016 Workers’ Compensation Annual Report to the Florida Legislature. The Office is required by law to annually evaluate competition in the workers’ compensation market and to investigate and use data in its review of associated rate filings.
For more information on this subject, please visit the Office’s Workers’ Compensation webpage.
About the Florida Office of Insurance Regulation
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 the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm and Facebook.
