Last week, the Florida Office of Insurance Regulation (FOIR) told the National Council on Compensation Insurance (NCCI) to lower overall Workers' Compensation rates by 5.1% in 2016.
The order denied NCCI's earlier proposal of a 1.9% decrease.
According to the Herald Tribune in Sarasota, Fla., this will be the second consecutive year of declines in Workers' Comp rates after four years of increases. Rates declined by 5% this year, but increased by 0.7% in 2014, 6.1% in 2013, 8.9% in 2012 and 7.8% in 2011. Rates are now 58% lower than they were in 2003.
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