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

Changes in the law are expected to bump up voluntary market insurance rates

Workers Comp

By Allie Sanchez

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.
 

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