Information from the Office of Insurance Regulation re NCCI 1/29/2006
Dec 20, 2006
Please see the OIR press release below regarding NCCI. Please feel free to contact this office with any questions or concerns.
Regards,
Katherine A. Scott
2/01/06
Report Released from the Office of Insurance Regulation for Bi-Annual Review of NCCI Ratemaking Process
Tallahassee -Pursuant to section 627.285, Florida Statutes, the Office of Insurance Regulation contracted for an independent actuarial peer review and analysis of the ratemaking processes of the National Council on Compensation Insurance (NCCI), a licensed rating organization that makes rate filings for workers’ compensation insurance.
The attached report contains the findings of the independent actuarial peer review which examined the methodologies, thought processes, judgments and assumptions used to determine statewide rate level changes, to distribute statewide rate level changes to the major industry groups, to determine individual workers compensation classification rates, and to determine the impact of legislative changes, benefit-level adjustments, and legislative proposals.
NCCI has responded to the findings of the review in a brief statement submitted to the Office of Insurance Regulation and Financial Services Commission.