The Florida Office of Insurance Regulation has issued an Order that gives contingent approval to an overall combined average statewide rate increase of 14.5 percent versus the NCCI requested 19.6 percent. Approval of the revised rate increase is contingent on NCCI amending the filing to include the recommended changes stipulated within the Order. As ordered by the OIR, the revised rate increase would become effective on December 1st, 2016, for new and renewal business, with no change in rates for current in-force policies. The amended rate filing must be filed with the OIR for review and approval no later than October 4th, 2016. The NCCI rate filing was originally submitted in May of this year and amended in June to address the impact of three recent legal changes, including two Florida Supreme court case decisions (Castellanos v. Next Door Company and Westphal v. City of St. Petersburg) and legislatively-mandated updates to the Florida Workers’ Compensation Health Care Provider Reimbursement Manual (HCPR Manual).
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