After two rounds of rejected submissions from NCCI, the Florida Office of Insurance Regulation (OIR) has approved a 5.2% overall workers’ compensation rate decrease, effective January 1st, 2014. NCCI’s original proposal on August 22nd was for a 2.5% decrease, and was quickly denied by the OIR. On September 22, 2014, NCCI amended the filing proposing an overall rate level decrease of 3.3% to reflect a rule change announced by the Division of Workers Compensation effective January 1, 2015. On November 5, 2014, the OIR issued an order denying the 3.3% decrease and requesting that NCCI make an amended filing for an overall workers compensation rate level decrease of 5.2%. NCCI submitted its amended filing on November 11, and received the final approval order from the OIR on November 12.
Read the rationale breakdown for the new steep decrease from Workers’ Compensation Institute 360 here.