On August 18, 2011, the National Council on Compensation Insurance (NCCI) proposed an overall workers’ compensation rate level increase of 8.9% effective January 1, 2012. On October 24, 2011, the Office of Insurance Regulation (OIR) issued an order stating that NCCI’s request would be approved if NCCI submited an amended filing addressing several miscellaneous issues that do not impact the overall rate level request.
On October 26, 2011, NCCI submitted an amended filing to OIR addressing each of the miscellaneous issues as instructed by the order and OIR is currently reviewing the amended filing. NCCI will release the updated rate pages when the amended filing is approved.
Once it is approved, the cumulative impact to Florida’s workers’ compensation rates since the 2003 reform will be -58.6%. Florida will continue to rank among the 20 states with the lowest workers’ compensation rates nationally.