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Hearing Approaches on Workers’ Compensation Rates

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.