The Florida Office of Insurance Regulation has reviewed changes proposed by NCCI and approved an amended rate filing that would increase workers' compensation rates by an average of 14.5%. The new rates will be implemented on new and renewal policies effective on or after 12/1/2016. Existing policies will not be impacted until they reach renewal.
NCCI had originally proposed an increase of 19.6% in response to multiple decisions issued by the Florida Supreme Court that are expected to have wide-ranging impact on the Florida Workers' Compensation system. Approval of the rate increase is contingent upon NCCI amending their filing to include the approved changes.