Florida Approves 14.5% Rate Hike
The Florida Office of Insurance Regulation has reviewed changes proposed by NCCI and approved an amended rate filing that would increase workers' compensation rates by an average of 14.5%. The new rates will be implemented on new and renewal policies effective on or after 12/1/2016. Existing policies will not be impacted until they reach renewal.
NCCI had originally proposed an increase of 19.6% in response to multiple decisions issued by the Florida Supreme Court that are expected to have wide-ranging impact on the Florida Workers' Compensation system. Approval of the rate increase is contingent upon NCCI amending their filing to include the approved changes.