June 12, 2018

WorkCompRecap: Rates & Revisions!

Today’s issue of WorkCompRecap features some closely-followed rate news coming out of Florida, with the state’s Office of Insurance Regulation’s recent announcement that it has thoroughly reviewed the recent filing from NCCI.

After receiving and reviewing “hundreds of public comments” and testimony from interested stakeholders, the OIR has issued an Order that gives contingent approval to an overall combined average statewide rate increase of 14.5% versus the requested 19.6%. As ordered by OIR, the revised rate increase would become effective on December 1, 2016 for new and renewal business, with no change in rates for current in-force policies. NCCI originally originally submitted its filing in May, and amended it in June to address the impact of three recent legal changes – with the largest increases attributed to the results of the Castellanos case, in which the state’s attorney fee schedule was found unconstitutional.

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