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The Florida Office of Insurance Regulation has filed a Notice of Appeal relating to a circuit court ruling issued last week that would block the implementation of a statewide average 14.5 percent increase in workers’ compensation insurance rates. In a press release announcing its decision to appeal, the Office of Insurance Regulation noted that Florida’s […]
In response to rulings of the Florida Supreme Court earlier this year, the National Council on Compensation Insurance submitted a rate filing proposing a rate increase of more than 19%. However, after a public hearing and review by the Florida Office of Insurance Regulation, the OIR ultimately approved a 14.5% statewide average rate increase. The […]
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 […]
The Florida Office of Insurance Regulation (OIR) recently issued an order granting contingent approval to a statewide average rate increase of 14.5% for workers’ compensation insurance. The approval is conditioned upon the National Council on Compensation Insurance’s making certain revisions to its initial filing, which proposed a 19.6% increase. As ordered by the OIR, the rate […]
Speaking at an industry conference this week, Insurance Commissioner David Altmaier highlighted reliability, availability and affordability as the cornerstones of product regulation. Commissioner Altmaier briefly discussed these areas as they currently relate to the Florida insurance market. In the area of reliability, the Commissioner noted that the Office of Insurance Regulation’s financial oversight role seeks to ensure […]
The National Council on Compensation Insurance (NCCI) has revised its previous 17.1% rate increase filing in light of the Florida Supreme Court’s recent decision in Westphal. The proposed increase is now 19.6%. The effective date of the proposed rates is October 1, 2016. However, the Office of Insurance Regulation has scheduled a public hearing on […]
Kevin McCarty, Office of Insurance Regulation, Insurance Regulation News, OIR
For the second time in six weeks, the Florida Supreme Court has held part of Florida’s workers’ compensation law to be unconstitutional. In Westphal v. City of St. Petersburg, the Supreme Court considered the constitutionality of section 440.15(2)(a), Florida Statutes, which cuts off disability benefits at 104 weeks for a worker who is totally disabled […]
Since a Florida Supreme Court ruling last month, the Florida workers’ compensation market has been the subject of considerable speculation regarding the potential rate impact. That question was answered last week when the National Council on Compensation Insurance (NCCI) submitted a filing to the Florida Office of Insurance Regulation (OIR) providing for a 17.1 percent […]
Florida’s exit from the Nonadmitted Insurance Multi-State Agreement (NIMA) takes effect June 1. Florida becomes the second state to leave NIMA after Louisiana exited the agreement last year. Representatives of the Florida Office of Insurance Regulation (OIR) commented that while NIMA achieved its intended benefits for the participating states, they are disappointed that participation did […]
