Florida Office of Insurance Regulation to Hold Public Hearing on National Council on Compensation Insurance (NCCI) Proposed Workers’ Compensation Rate Increase Tomorrow, October 4
Oct 3, 2012
The Florida Office of Insurance Regulation will hold a public hearing tomorrow, October 4, 2012, to discuss the National Council on Compensation Insurance’s proposed rate increase for its workers’ compensation line of business. The proposed statewide average rate increase would be 6.1 percent.
To view the agenda for tomorrow’s 1:00 p.m. hearing in Tallahassee, click here. A Colodny Fass& Webb representative will attend the hearing and provide a report of the proceedings.
An OIR statement and news release about the hearing are reprinted below.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Office Statement on Annual NCCI Workers’ Compensation Rate Filing Thursday, August 23, 2012
The Office of Insurance Regulation (Office) today announced it has received the National Council on Compensation Insurance (NCCI) annual rate filing for workers’ compensation insurance rates in Florida. The proposed rate change is an increase of 6.1 percent to become effective on January 1, 2013; however, it reflects a cumulative decrease of 56 percent in overall rates since the comprehensive legislative reforms passed in 2003.
A careful review and thorough analysis of this rate filing will be performed to evaluate its potential effects on Florida’s workers’ compensation insurance marketplace and employers. The Office anticipates conducting a public hearing in early October 2012 and will provide more detailed information at a later date.
Prior to the 2003 legislative reforms, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers’ compensation rates. Following this reform, Florida rates became some of the most competitive in the nation with seven years of significant decreases approved for the annual experience filing submitted by NCCI. This year, however, marks the third year in a row of proposed increases in the annual experience filings.
The Office will bring proposals to the 2013 Legislature to address three principal cost drivers in the workers’ compensation insurance system: the high cost of drug repackaging; and costs associated with reimbursement rates for inpatient and outpatient care for injured workers.
For more information about the NCCI rate filing, click here to read their press release.
-FROM THE FLORIDA OFFICE OF INSURANCE REGULATION-
MEDIA ADVISORY
Wednesday, October 3, 2012
WHO: National Council on Compensation Insurance (NCCI)
WHAT: The Florida Office of Insurance Regulation (Office) will conduct a public rate hearing to discuss the annual National Council on Compensation Insurance’s (NCCI) proposed rate increase for its workers’ compensation line of insurance.
NCCI’s proposed statewide average rate increase is 6.1 percent.
Click here to review a copy of the hearing agenda.
Click here to read a statement by the Office released on August 23, 2012 regarding this filing.
WHEN: Thursday, October 4, 2012 at 1:00p.m. (EST)
WHERE: Jim King Committee Room
401 Senate Office Building
The Capitol
Tallahassee, Florida
The Florida Channel will broadcast the hearing live on their PBS affiliates, as well as stream the hearing live online via Web Channel 2. A videotaped recording of the hearing will be available on the Office’s website at a later date.
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