Workers Compensation Filing Heading Toward Summer Hearing
Since a Florida Supreme Court ruling last month, the Florida workers’ compensation market has been the subject of considerable speculation regarding the potential rate impact. That question was answered last week when the National Council on Compensation Insurance (NCCI) submitted a filing to the Florida Office of Insurance Regulation (OIR) providing for a 17.1 percent increase. The filing has a proposed effective date of August 1. Before then, however, the OIR will review the merits of the filing. This process is expected to include a public hearing to be held in July.
The Supreme Court ruling will increase costs in the workers-compensation system by 15 percent, according to the NCCI filing. The remaining portion of the rate change is attributable to a law passed this year relating to health-care provider reimbursements.