Today’s issue of WorkCompRecap features Florida Insurance Commissioner Kevin McCarty’s recent announcement that NCCI’s proposed 3.3% overall decrease in workers’ compensation rates in Florida has been disapproved.
OIR noted that its review found the filing’s underwriting profit and contingency provision included an increase from its current approved 2.5% to 4.5%, which OIR deemed “excessive and unsupported.” OIR has given NCCI until next Tuesday to re-file an overall rate reduction of 5.2%, which would receive final approval. The new rates would be effective January 1, 2015 for new and renewal policies.
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