From our partner, Stahl Insurance:
The Florida Office of Insurance Regulation has issued an Order that gives contingent approval to an overall combined average workers’ compensation statewide rate increase of 14.5%.
Approval of the revised rate increase is contingent on NCCI amending the filing to include the recommended changes stipulated within the Order. The revised rate increase would become effective on December 1, 2016 for new and renewal business, with no change in rates for current in-force policies. The amended rate filing must be filed with the Florida Office of Insurance Regulation for review and approval no later than October 4, 2016.
If NCCI submits the required amended rate filing and it is approved by the Florida Office of Insurance Regulation at an overall combined average statewide rate increase of 14.5%, the individual rate impacts will include:
- A 10.1% statewide average rate increase for the April 28th Florida Supreme Court decision in the case of Castellanos v. Next Door Company.
- A 2.2% statewide average rate increase for the June 9th Florida Supreme Court decision in the case of Westphal v. City of St. Petersburg.
- A 1.8% statewide average rate increase related to updates within the Florida Workers’ Compensation HCPR Manual per Senate Bill 1402.
Stahl & Associates Insurance will provide updates on the proposed rate increase as further information arises. Please contact your Account Executive for additional information. We are happy to assist with guidance or any questions.
Please be advised this information is for general purposes only and does not necessarily address all of your specific issues.