OIR and NCCI Continue to Discuss Workers Compensation Rates
Last week the Office of Insurance Regulation rejected a proposed 1.9% workers compensation rate decrease filed by the National Council on Compensation Insurance and indicated that the OIR instead would approve a revised filing providing for a 5.1% rate decrease. The OIR gave NCCI until November 9 to submit the revisions.
NCCI responded before the deadline by providing supplemental information relating to several aspects of its rate filing. According to a press release issued by NCCI, it did not file information supporting the OIR’s requested 5.1% reduction but instead believes the OIR should consider additional information relating to the proposed rates. The OIR responded by stating it will evaluate the supplemental information.
Workers compensation rates have dropped nearly 60% since the legislature enacted reforms in 2003 to address the troubled system. However, the industry and the OIR are monitoring several cases pending before the Florida Supreme Court that could have an adverse impact on the Florida workers’ compensation insurance market.