OIR Issues Final Approval Order on NCCI’s Florida Workers Compensation Rate Filing

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On August 22, 2014, the National Council on Compensation Insurance (NCCI) proposed an overall workers compensation rate level decrease of 2.5% in Florida effective January 1, 2015. On September 22, 2014, NCCI amended the filing proposing an overall rate level decrease of 3.3% to reflect a rule change announced by the Division of Workers Compensation effective January 1, 2015. On November 5, 2014, the Office of Insurance Regulation (OIR) issued an order denying the 3.3% decrease and requesting that NCCI make an amended filing for an overall workers compensation rate level decrease of 5.2% effective January 1, 2015. NCCI submitted its amended filing on November 11, 2014 and received the final approval order from the OIR today, November 12, 2014.The revised overall workers compensation rate level decrease of 5.2% breaks down as follows:Rate Table Data (downloadable rates) and an approval circular including the amended pages will be posted on www.ncci.com within the next couple of business days.

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