Hearing Approaches on Workers’ Compensation Rates
The Florida Office of Insurance Regulation (Office) has scheduled a public hearing in connection with its evaluation of the annual NCCI rate filing. The filing proposes an overall average rate decrease of 1.9% for the workers’ compensation line of insurance. NCCI is a licensed rating organization authorized to make rate filings on behalf of approximately 260 workers’ compensation insurance companies transacting business in Florida.
In addition to the proposed 1.9% average rate decrease, the filing seeks a decrease in the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to $160. When combined with the proposed rate decrease, the filing would produce an overall average premium decrease of 2.2%.
The public hearing will take place October 21, 2015, in Tallahassee.