The Florida Office of Insurance Regulation (Office) will conduct a public hearing to discuss the NCCI rate filing which proposes a rate increase for the workers’ compensation line of insurance as a result of three recent legal changes. NCCI is a licensed rating organization authorized to make rate filings on behalf of workers’ compensation insurance companies doing business in Florida.
NCCI has proposed an overall average increase in rate levels of 19.6% for the voluntary market for all new, renewal, and current in-force workers’ compensation insurance policies written in Florida, effective October 1, 2016. Individual projected rate impacts include a 2.2% increase for the Florida Supreme Court decision on the Westphal v. City of St. Petersburg case, a 15% increase for the Florida Supreme Court decision on the Castellanos v. Next Door Company case, and a 1.8% increase for updates to the Florida Workers’ Compensation Health Care Provider Reimbursement Manual as a result of Senate Bill 1402.
A copy of the hearing agenda can be viewed here. The Florida Channel will stream the hearing live online via its website and a link to the video recording will be available at a later date. For additional information, visit the Office’s “NCCI Public Rate Hearing” webpage.