NCCI proposes 19.6% increase in voluntary workers’ compensation insurance rate

NCCI proposes 19.6% increase in voluntary workers’ compensation insurance rate

NCCI proposes 19.6% increase in voluntary workers’ compensation insurance rate The National Council on Compensation Insurance’s (NCCI) proposal to bump up workers’ compensation insurance for the voluntary market by almost 20% will go through public hearing this August 16.

According to reports, the Florida Office of Insurance Regulation (FLOIR) has scheduled a public hearing to discuss NCCI’s rate filing, which is a result of three changes in the law. NCCI is licensed to make rate filings on behalf of workers’ compensation insurance companies that have business interests in Florida. 

NCCI’s proposed 19.6% filing will apply to new, renewal, and currently enforced workers’ compensation insurance policies for the voluntary market written in Florida beginning October 1, 2016.

The filing was the outcome of a Supreme Court decision, which granted a 2.2% increase; a 15% increase from Florida Supreme Court promulgation; and a 1.8% increase stemming from the updates to the Florida Workers’ Compensation Health Care Provider Reimbursement Manual as a result of Senate Bill 1402.
 
FLOIR will hold the initial hearing at the Florida Capitol Complex in Tallahassee.