The Office of Insurance Regulation (Office) today announced it has received the National Council on Compensation Insurance (NCCI) annual rate filing for workers’ compensation insurance rates in Florida. The proposed rate change is an increase of 6.1 percent to become effective on January 1, 2013; however, it reflects a cumulative decrease of 56 percent in overall rates since the comprehensive legislative reforms passed in 2003.
A careful review and thorough analysis of this rate filing will be performed to evaluate its potential effects on Florida’s workers’ compensation insurance marketplace and employers. The Office anticipates conducting a public hearing in early October 2012 and will provide more detailed information at a later date.
Prior to the 2003 legislative reforms, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers' compensation rates. Following this reform, Florida rates became some of the most competitive in the nation with seven years of significant decreases approved for the annual experience filing submitted by NCCI. This year, however, marks the third year in a row of proposed increases in the annual experience filings.
The Office will bring proposals to the 2013 Legislature to address three principal cost drivers in the workers’ compensation insurance system: the high cost of drug repackaging; and costs associated with reimbursement rates for inpatient and outpatient care for injured workers.
For more information about the NCCI rate filing, click here to read their press release.