NCCI Prepares Filing to Implement Legislation
The National Council on Compensation Insurance (NCCI) has announced that it intends to submit a rate filing to the Florida Office of Insurance Regulation (OIR) in early June to reflect the rate reduction associated with SB 662. The bill has not yet been acted upon by Governor Scott. If it becomes law, the effective date is July 1, 2013. Insurers therefore should monitor the legislation and the upcoming NCCI filing to ensure they implement the change in a timely manner. The anticipated rate effect is a 0.7% reduction for new and renewal policies.