At the beginning of this year, the National Council on Compensation Insurance (NCCI) changed the methodology that determines an individual employer’s experience modification factor (ex-mod).  According to NCCI, the “split-point” change was needed because the average claim cost had increased threefold since the last update, which was two decades...

The Florida Department of Financial Services, Division of Workers’ Compensation, is responsible for ensuring that state employers are compliant with their statutory obligations to obtain workers’ compensation insurance coverage for their employees. Routine Audits and Compliance Standards The Division of Workers’ Compensation conducts routine compliance audits of Florida employers...

Today, employer’s of all sizes face even more stringent and complicated regulations and rules.  The result of non compliance is stiffer fines and penalties and potentially—lawsuits.  New regulations continue to be released by the government, putting further burden on employers who are already faced with the ever-present issues of...

The major changes in how health care is delivered and financed is restructuring the risks that hospitals and physicians face on a daily basis.  Hospital risk managers are now wrestling with greater physician integration and changes in state legislation that influence professional liability costs. The 13th annual Aon/ASHRM Hospital...

The Florida Office of Insurance Regulation (OIR) issued an order on Friday, October 26, 2012, approving the 6.1% overall workers’ compensation rate level increase requested by the National Council on Compensation Insurance (NCCI).  OIR’s approval is contingent on NCCI submitting an additional filing that addresses several miscellaneous issues.  The...

The National Council on Compensation Insurance (NCCI) delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation (OIR) on August 23, 2012. NCCI has proposed an overall average rate increase of 6.1%, effective January 1, 2013, based upon its review of the most recent data...

According to BusinessInsurance.com, insurers are tightening their underwriting standards to improve profitability with workers’ compensation policies.  Employers renewing their workers compensation policies likely will pay 5% – 10% more for guarantee-cost coverage as claims costs rise and insurers’ combined ratios deteriorate.  Loss-sensitive programs may see less of an impact....