NCCI Files Annual Rate Filing with OIR
By: David Yon
The NCCI delivered its annual workers compensation rate filing to the Office of Insurance Regulation on August 20, 2009. The filing seeks an overall rate level change of -6.8%. The primary elements of the filing include the following:
Rate Filing Components
| Due to Change in Experience | -10.1% |
| Due to Change in Trend | +1.1% |
| Due to Change in Benefits | 0.0% |
| Due to Change in Expenses (excl P&C) | +0.3% |
| Due to Change in Profit & Contingency Factor | +2.2% |
| OVERALL RATE LEVEL CHANGE | -6.8% |
The filing represents the 7th straight year of rate decreases since the 2003 legislative reforms were passed. “I am very pleased to receive another request for a reduction in workers’ compensation rates,” said Commissioner McCarty. “This is welcome news to Florida employers during these challenging economic times.”
OIR will review the filing and schedule a public rate hearing sometime in October. The proposed effective date for the filing is January 1, 2010.