NCCI proposed that the rate increased rates will apply to all policies in effect on October 1, 2016. Additionally, NCCI proposes that the increased rates will apply to all policies in effect on October 1, 2016 on a pro rata basis through the remainder of the term of these policies (the equals a mid-term rate increase on all Workers Compensation polices). If the rate filing is approved as filed increasing the rates by 19.6% Florida would rank as the highest state in the Southeast.
The rate hearing was today and it will have to go through the approval process with the Office of Insurance Regulation. The Office of Insurance Regulation’s decision will be made in a few weeks.
The Office of Insurance Regulation does not have to approve the rate increase or apply the rate increase as presented.