The National Council on Compensation Insurance (NCCI) has released an amended Florida Workers’ Compensation Rate filing to reflect the two recent Florida Supreme Court opinions declaring sections of Chapter 440, Florida Statutes unconstitutional. NCCI had already submitted a rate filing with the Office of Insurance Regulation (OIR) for a +17% increase on the Castellanos decision. NCCI has now amended that rate filing to reflect a proposed +2.2% increase on the Westphal decision, resulting in an increase in overall Florida workers compensation system costs of +19.6%. At the direction of the OIR, NCCI has also amended the effective date of the filing to October 1, 2016.
The OIR is expected to schedule a public hearing to be held in August. Please click here for a release from NCCI providing more detail on the proposed workers’ comp. rate increase.
We will provide additional information as it become available. |
