Florida Insurance Commissioner Kevin McCarty has advised the National Council on Compensation Insurance (NCCI) that he would approve a rate filing to increase Florida's workers' compensation insurance rates by 7.8 percent, effective Jan. 1, 2011, for new and renewal business.
The action is technically a denial of NCCI's recent rate filing that sought an 8.3 percent increase."The rate increase that that has been justified would still give Florida the lowest rates in the southeast, and likely keep us in the top 10 states nationally for most affordable workers' compensation insurance," said Commissioner McCarty. "The NCCI's prior seven annual filings represent the largest consecutive cumulative decrease in rates in our state's history."
If NCCI accepts the Commissioner's findings and makes a re-filing, this would give Florida a cumulative decrease of 61.9 percent since major reforms were enacted 2003.
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