Florida Office of Insurance Regulation approves NCCI’s proposed 6.1% Rate Increase for Workers’ Comp
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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 minimum premium proposed by NCCI is one of the issues still under review. NCCI proposed an increase in the maximum minimum premium from $1,000 to $1,250, which was not approved by OIR.
The amended filing by NCCI is due to OIR by November 2, 2012. The miscellaneous issues, which include the maximum minimum premium, will not affect the overall rate level change. The new rates will go into effect January 1, 2013, for new and renewal workers’ compensation policies in the state of Florida.
After the amended filing is received and approved by the OIR, new rates will be published by each class code. New rates are expected to be available before November 15, 2012.
Even with this average rate increase of 6.1%, workers’ compensation rates in Florida are more than 56% lower than they were in 2002.
(Photo credited to: consumerwatchdog.org)
DISCLAIMER: Because of the generality of this update, and based on particular situations, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© Connelly, Carlisle, Fields & Nichols 2012