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The Office of Insurance Regulation (OIR) recently commented on the rate filing it received from the National Council on Compensation Insurance (NCCI) proposing a statewide average premium decrease of 2.2%. The OIR pointed out that the filing includes a statewide average rate decrease of 1.9% and a reduction of the fixed expense cost applicable to […]
Florida Workers' Compensation Act, workers' compensation insurance system, Florida Supreme Court, workers' compensation, Insurance Regulation
The Office of Insurance Regulation has released its 2014 annual report on the state of the Florida workers’ compensation insurance market. The report concludes that the market currently is competitive, well-capitalized, and robust. The report points out that six of the 10 largest workers’ compensation insurers in Florida are Florida-domiciled, up from four in the […]
workers' compensation, Office of Insurance Regulation, Kevin McCarty
As 2014 comes to a close, several of the issues that commanded considerable attention during the year reached their resolution and set the framework for 2015 ahead. When we all return from the holidays, the legislative committee weeks will be upon us and the 2015 legislative session will begin before we know it. However, before […]
workers' compensation, Florida Supreme Court, Insurance Regulation
The Office of Insurance Regulation has approved a statewide average rate decrease of 5.2% for workers’ compensation insurance effective as of January 1, 2015. The National Council on Compensation Insurance (NCCI) initially filed for a 2.5% decrease in August but later amended the filing to provide for a 3.3% decrease. The OIR reviewed the filing and […]
HB 785 amended Florida’s workers’ compensation rating law to create flexibility in large-risk rating. The bill amends section 627.072 to specify that a retrospective rating plan may contain a provision allowing for negotiation of a premium between the employer and the insurer for employers having (i) exposure in more than one state, (ii) an estimated […]
