Florida Office of Insurance Regulation approves NCCI’s proposed 6.1% Rate Increase for Workers’ Comp

Posted on November 1st, 2012 by Lauren Vonderau in Commercial Risk Services Industry News Workers' Compensation
This Post has No Comments

insurance regulation Florida Office of Insurance Regulation approves NCCI’s proposed 6.1% Rate Increase for Workers Comp 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.

Author: Lauren Vonderau

Email: LVonderau@CCFNinsurance.com
Property & Casualty Insurance Advisor Lauren Vonderau has over 6 years of commercial insurance experience. Prior to joining Connelly, Carlisle Fields & Nichols, she was a claims representative for Auto Owners Insurance handling property and casualty claims and was awarded P.I.E.R. for customer satisfaction. While at one of the agencies top carriers, she earned her Associate in Claims, Associate in Underwriting and Associate in Insurance Services designations from the Insurance Institute of America. Lauren joined the CCFN team in 2008. She partners with large businesses implementing risk management programs and providing insurance solutions to complex issues. She focuses on large commercial property, contractors, gas station/convenient stores, schools and community associations. With her claims background, she is able to quickly demonstrate her comprehensive knowledge of property and casualty. Lauren holds a General lines insurance license, Professional claims adjuster license, and Life, Health and Variable Annuity insurance license. Lauren has taken an active role in the community, having served as Ambassador of the Clearwater Regional Chamber in 2009 and 2010. Lauren is a member of the Community Associations Institute, as well as Young Agent’s Council. She is a native of Clearwater and graduate of Dunedin High School. Lauren holds a Bachelor’s degree in History from the University of Florida and a Minor in Mass Communications. She is actively working towards obtaining her Certified Insurance Counselor designation.

Florida Office of Insurance Regulation approves NCCI’s proposed 6.1% Rate Increase for Workers’ Comp

Author: Lauren Vonderau

Leave a Reply