The Florida Office of Insurance Regulation (OIR) has approved an overall decrease of 4.7 percent in workers’ compensation insurance rates in Florida. Following the disapproval of its original rate filing request, the National Council on Compensation Insurance (NCCI) submitted additional information for OIR’s consideration on November 6, 2015.
NCCI requested that OIR re-evaluate three specific items pertaining to its annual rate filing: expense constant, indemnity trend, and the profit and contingency factor. The Final Order issued on November 13 re-confirms OIR’s denial of the requested modifications to the expense constant and indemnity trend.
However, OIR granted an increase in the profit and contingency factor from the current approved 2.5 percent to 2.75 percent, which lowered the decrease in workers’ compensation rates from 5.1 percent to 4.7 percent overall. The new rates become effective January 1, 2016 for both new and renewal workers’ compensation rates.
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