Â鶹ԭ´´

The National Council on Compensation Insurance (NCCI) has submitted a request to the Florida Office of Insurance Regulation (OIR) to consider supplemental information in regards to its recent workers compensation rate filing that Florida Insurance Commissioner Kevin McCarty said would be disapproved if not amended.

NCCI’s original rate filing, submitted to OIR in August, proposed a rate decrease for workers’ compensation rates for Florida employers of 1.9 percent. OIR reviewed the request and held a public hearing on the proposed rates in October. At the hearing, representatives of the roofing industry and professional employer organizations (PEO) testified on a variety of issues expressing concerns about potential fraudulent activity within the workers’ compensation system.

OIR notified NCCI Nov. 3 that its rate request as submitted would not be approved and instead ordered NCCI to lower rates by 5.1 percent.

OIR said in a statement that if the rate request was resubmitted by Nov. 9 with the required changes, the filing would be approved.

“Florida’s workers’ compensation market is both competitive and affordable. This approval would represent a 60 percent cumulative reduction in Florida workers’ compensation rates since 2003 and having competitive rates is a critical element in bringing new jobs to our state,” said McCarty. “It allows Florida’s businesses to continue growing economically, while helping injured workers get the medical assistance they need to return to work.”

NCCI responded to OIR on Nov. 6 with a request for the office to consider supplemental information related to the expense constant, indemnity trend, and profit contingency factor for its annual workers’ comp filing.

“NCCI has not submitted an amended filing reflecting the requested -5.1 percent to the OIR,” NCCI said in a statement. “NCCI responded by submitting supplemental information for the OIR’s consideration…NCCI will provide an update upon further developments.”

OIR said it will review and evaluate the additional information.

NCCI files on behalf of approximately 260 workers’ compensation insurance companies with Florida policyholders.

Related:

• NCCI Proposes Decrease to Florida Workers’ Comp Rates
• McCarty Orders NCCI to Further Lower Florida’s Workers’ Comp Rates
• Florida Supreme Court Asked to Decide Constitutionality of Workers’ Comp
• Florida Court Upholds Workers’ Compensation ‘Exclusive Remedy’
• Florida Touts Workers’ Comp Market Competition But Warns on Court Rulings

Topics Florida Workers' Compensation