If that passes muster, our regulatory board needs it’s head examined. Are you kidding me? When this overturned legislation passed NOT ONE BUSINESS SAW A DECREASE IN THEIR COMP RATES. NOT ONE. And as work comp carriers have raked it in since that time, not even talk of decreases. And once again the little guys get jacked over insurance greed. For shame.
I wonder how these new legislations will effect the actual primary for calculating the MOD? Rate increase is definite but how bad will it affect the MOD calculations. I expect everything to increase, Actual primary, AWW, individual floors etc. If you’re already in a debit MOD, you’ll be seeing a higher increase than proposed.
The NCCI is just reacting to the new situation handed to the people of FL by its supreme court. Force the claims to increase and you either get a rate increase or you repopulate the JUA. As far as the experience mod is concerned, rate changes also have changes in expected loss rates and weighting which should keep the mod from making wild swings. Perhaps the legislature will act on these court rulings.
So you don’t think the severity of accidents should be included? 5 slip and falls are worse than an explosion?
For the 100th time, how precisely do you think rates and premium should be determined by insurers? You’ve never answered, only complained. You don’t believe in math, probability, or statistics, so I am truly curious how you think this should happen.
Real question is how will NCCI change the MOD calculations with these new legislations. What’s going to happen to the actual primary next year? Sky rocket?
Correct 2, Sky Rocket. The formula skews everything. Blame the idiot actuaries/geeks in charge for this mess. Insureds will not be happy campers when they see the renewal mods on their business.
LowRateWorkComp renewed our policy in August and our increase will not take effect until our next renewal with this carrier.
This is great news for any clients that you currently have with LowRateWorkComp and all new clients you move or place with LowRateWorkComp under our policy before next August.
If that passes muster, our regulatory board needs it’s head examined. Are you kidding me? When this overturned legislation passed NOT ONE BUSINESS SAW A DECREASE IN THEIR COMP RATES. NOT ONE. And as work comp carriers have raked it in since that time, not even talk of decreases. And once again the little guys get jacked over insurance greed. For shame.
Check your facts, Shelly. Since October 2003, there has been a cumulative decrease of 59% in Florida WC premium rates.
The NCCI also computes experience mods and their new formula really penalizes. Used to be frequency, now the severity is equally penalizing.
I wonder how these new legislations will effect the actual primary for calculating the MOD? Rate increase is definite but how bad will it affect the MOD calculations. I expect everything to increase, Actual primary, AWW, individual floors etc. If you’re already in a debit MOD, you’ll be seeing a higher increase than proposed.
The NCCI is just reacting to the new situation handed to the people of FL by its supreme court. Force the claims to increase and you either get a rate increase or you repopulate the JUA. As far as the experience mod is concerned, rate changes also have changes in expected loss rates and weighting which should keep the mod from making wild swings. Perhaps the legislature will act on these court rulings.
So you don’t think the severity of accidents should be included? 5 slip and falls are worse than an explosion?
For the 100th time, how precisely do you think rates and premium should be determined by insurers? You’ve never answered, only complained. You don’t believe in math, probability, or statistics, so I am truly curious how you think this should happen.
Real question is how will NCCI change the MOD calculations with these new legislations. What’s going to happen to the actual primary next year? Sky rocket?
Correct 2, Sky Rocket. The formula skews everything. Blame the idiot actuaries/geeks in charge for this mess. Insureds will not be happy campers when they see the renewal mods on their business.
My business cannot afford a 20% increase, thank you.
LowRateWorkComp renewed our policy in August and our increase will not take effect until our next renewal with this carrier.
This is great news for any clients that you currently have with LowRateWorkComp and all new clients you move or place with LowRateWorkComp under our policy before next August.