The Florida Office of Insurance Regulation (OIR) will conduct a public hearing to discuss the National Council on Compensation Insurance’s (NCCI) proposed overall statewide average workers’ compensation premium decrease of 9.6 percent on Oct. 18 at 1:00 pm EST. The public hearing will be held at 412 Knott Building, 404 South Monroe Street, Florida Capitol Complex in Tallahassee.
The proposed rate decrease, filed in August, includes a statewide average rate decrease of 9.3 percent and a reduction of the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to $160. If approved, the new rates would take effect Jan. 1, 2018.
NCCI said an 8 percent decrease in claims is the major driver of the proposed decrease, which comes just a year or so after two 2016 Florida Supreme Court decisions sent rates up 14.5 percent for 2017.
OIR said the general public is welcome to submit comments about NCCI’s proposed rate filing by sending an email to: firstname.lastname@example.org with “NCCI” in the subject line of the email. Comments will be accepted for consideration until 5:00 p.m. (Eastern Time) on Oct. 25, 2017.
Under Florida law, written communications to the Office are public record and subject to disclosure, including being available to the public and media.
A copy of the hearing agenda is available on the OIR website. The Florida Channel will stream the hearing live online via its website and a link to the video recording will be available at a later date. Additional information is available on OIR’s “NCCI Public Rate Hearing” webpage.
Source: Florida Office of Insurance Regulation