The National Council on Compensation Insurance (NCCI) filed a proposed combined rate increase for workers’ compensation insurance between 17.1 and 19.6 percent with the Florida Office of Insurance Regulation (OIR) in response to a recent decision by the Florida Supreme Court on the Marvin Castellanos case. The Castellanos court ruling said the current schedule eliminates the right of a claimant to get reasonable attorney’s fees.
The NCCI proposed an effective date of October 1, 2016 for the new and renewal workers’ compensation policies, and that the rate increase applies to all workers’ compensation policies in effect as of August 1, 2016 on a pro-rata basis for the remainder of the term of these policies. If the rate increase is approved as filed, Florida will have the highest premiums in the Southeast.
The OIR has scheduled a public rate hearing for August 16, 2016, at 9:00 AM in Tallahassee to give the NCCI an opportunity to discuss the filing and provide interested parties the ability to provide testimony and comments.
We are monitoring the pending regulatory and legislative actions and will keep you informed of any changes that could impact you. As always, the MDW Insurance team will continue working to find the best possible programs to suit your business requirements.
If you have any questions or concerns, please feel free to contact us at any time.
Thank you for the confidence you place in our agency.