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The Florida Office of Insurance Regulation (OIR) announced that it has received the annual workers’ compensation rate filing submitted by the National Council on Compensation Insurance (NCCI). The rate filing provides for an overall 1% increase in workers’ compensation rates. The effective date of the filing is January 1, 2014. As in prior years, the […]
NCCI, Insurance Regulation News, workers' compensation, Office of Insurance Regulation, Kevin McCarty
The Florida Office of Insurance Regulation cited a recent Oregon Department of Consumer & Business Services (DCBS) study showing that Florida has jumped 11 spots (from 40th to 29th) among the most expensive state for workers’ compensation insurance. The study compared each state’s rates to the national median rate of $1.88 per $100 of payroll. Notably, however, Florida’s […]
The National Council on Compensation Insurance (NCCI) has delivered its annual workers compensation rate filing to the Office of Insurance Regulation (OIR). The filing provides for an overall workers compensation rate level increase of 6.1%. The proposed effective date is January 1, 2013. Even with the proposed increase, the filing still reflects a significant reduction in rate […]
The Office issued an order on October 24, 2011 advising NCCI that its request for an overall rate increase of 8.9% would be approved if the NCCI modified its methodology for factoring in dividends. The increase is to become effective January 1, 2011. NCCI – OIR Order on Rate Filing OIR press release
The Office of Insurance Regulation has indicated that it is too early to adjust workers’ compensation rates for changes the Florida legislature might make next year to the manner in which workers’ compensation prescriptions are dispensed. The National Federation of Independent Business asked the OIR to cut 2.5% from the National Council on Compensation Insurance workers’ […]
NCCI filed a request for a statewide average rate increase of 8.9% and the OIR held a public hearing to gather testimony and evidence regarding the request. Insurance Commissioner Kevin McCarty chaired the panel listening to the presentation of the NCCI. He was joined on the panel by Belinda Miller (General Counsel), Richard Koon (Deputy […]
The Florida Office of Insurance Regulation has released its 2010 annual report on the workers’ compensation insurance industry in Florida. The report reviews the availability and affordability of workers’ compensation insurance coverage in Florida to assess the current state of the market. The report finds that the Florida market is competitive, as evidenced by a large number of insurers writing […]
The Florida Office of Insurance Regulation has issued an Order on Rate Filing to the National Council on Compensation Insurance (NCCI) arising from its recent 8.3% rate request. The OIR did not find the full 8.3% to be justified, but does believe a 7.8% change is appropriate. NCCI selected an indemnity trend factor within the […]
The National Council on Compensation Insurance (NCCI) has filed a proposed 8.3% workers’ compensation rate increase with the Office of Insurance Regulation with an effective date of January 1, 2011. The proposed change change consists of a 3.4% increase due to a change in experience, a 3.9% increase due to a change in trend, and a […]
