The National Council on Compensation Insurance (NCCI) is the licensed rating organization that is authorized to make workers’ compensation rate filings to the Florida Office of Insurance Regulation (OIR) on behalf of Florida insurance companies writing workers’ comp insurance. For the calendar year 2019, NCCI is proposing a statewide average premium decrease of -13.4%.
This is the second consecutive rate decrease requested by NCCI since rates went up +14.5% in December 2016 due primarily to the Florida Supreme Court decision that removed the cap on fees paid to attorneys representing injured workers. For 2018, rates decreased an average of -9.5%.
If approved by OIR, the rate decrease will take effect for new and renewal business effective January 1, 2019. OIR is expected to hold a public hearing on the rate filing in October, and we will keep you updated.
To read NCCI’s detailed overview of the rate filing, click here.