NCCI Amends Rate Filing to Request +19.6% Increase
Earlier this summer, the Florida Supreme Court issued a ruling in the Castellanos case that invalidated the statutory cap on claimant attorney fees. In response, the National Council on Compensation Insurance (NCCI) filed a proposed workers’ compensation rate increase of +17.1% with the Office of Insurance Regulation (OIR). Before that rate filing was acted on by OIR, the Florida Supreme Court issued a ruling in a second workers’ compensation-related case, Westphal, which increases benefits for workers receiving temporary total benefits. Because the Westphal decision is also expected to increase costs to the Florida workers’ compensation system, NCCI has amended its original rate filing with OIR to request a +19.6% rate increase.
NCCI is proposing that the increased rates apply to new and renewal policies effective on or after October 1, 2016 (the proposed effective date of the original rate filing was August 1, 2016), and also apply to all policies in effect on October 1, 2016, on a pro-rata basis through the remainder of the policy term.
OIR has scheduled a public hearing on the rate request for August 16, 2016, where it will hear from NCCI on its rate request and also from interested stakeholders. For more information, or if you have questions, please contact our office. Once OIR has issued its order setting the rates, we will send an update.
Have questions regarding your workers compensation coverage? Call our office at 863-385-1506 or email your questions and an insurance professional will reply promptly.