OIR Issues Final Order Approving Workers Compensation Rates
The Florida Office of Insurance Regulation has issued a Final Order approving the National Council on Compensation Insurance’s overall statewide average rate increase of 14.5% for workers’ compensation insurance. The rate increase applies to both new and renewal workers’ compensation insurance policies effective in Florida as of December 1, 2016.
NCCI initially submitted a filing proposing a statewide average increase of 19.1%. However, the OIR issued a preliminary finding indicating it would approve the filing with certain revisions that resulted in the 14.5% rate change. NCCI submitted an amended filing in accordance with the OIR’s filing, which led to OIR’s approval of the rates.
The filing bears File Log #16-12500 in the OIR’s electronic filing system.