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Friday, August 16, 2013

FL Workers' Compensation May Be Going Up

The Office of Insurance Regulation (Office) today announced it has received the National Council on Compensation Insurance (NCCI) annual rate filing for workers’ compensation insurance rates in Florida. The proposed overall rate change is an increase of 1 percent to become effective on January 1, 2014; however, it reflects a cumulative decrease of 55.9 percent in overall rates since the comprehensive legislative reforms passed in 2003.

A careful review and thorough analysis of this rate filing will be performed to evaluate its potential effects on Florida’s workers’ compensation insurance marketplace and employers. The Office anticipates conducting a public hearing in early October 2013 and will provide more detailed information at a later date.

Prior to the 2003 legislative reforms, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers' compensation rates. Following this reform, Florida rates became some of the most competitive in the nation with seven years of significant decreases approved for the annual experience filing submitted by NCCI. This year, however, marks the fourth year in a row of proposed increases in the annual experience filings.

The Office plans to make recommendations to the 2014 Legislature to address cost drivers in the workers’ compensation insurance system.

For more information about the NCCI rate filing, please read NCCI’s statement.