NCCI Accepts 14.5% Workers’ Comp Rate Increase
As you’ll recall from last week’s News You Can Use, the Florida Office of Insurance Regulation (OIR) approved a 14.5% hike in workers’ compensation rates which was a response to the 19.6% filing that was submitted by the National Council on Compensation Insurance (NCCI). NCCI had until October 4th to appeal or accept the decision. With NCCI acceptance, rates will increase for new and renewal policies as of December 1st. There will be no pro rata increase which would have raised the rates of all current policies.
For more information about the court cases that caused the increase please see below.