Monday, October 29, 2012

Higher Workers Comp Rates in 2013 | FloridaWC

On Friday, October 26, 2012, the Florida Office of Insurance Regulation (OIR) issued an order stating that it would approve the 6.1% overall workers? compensation rate level increase requested by the National Council on Compensation Insurance (NCCI), if NCCI submits another filing addressing several miscellaneous issues. [One of these changes involves the minimum premium ? NCCI had proposed an increase in the maximum minimum premium from $1,000 to $1,250; this was not approved by OIR.]

NCCI?s amended filing is due to OIR by November 2, 2012. These three changes will not affect the overall rate level change, which will be effective January 1, 2013, for new and renewal workers? compensation policies in the state of Florida.

After NCCI submits its amended filing and receives official approval from the OIR, they will publish the new rates for each class code. We expect them to be available before November 15, 2012.

Even with this average rate increase of 6.1%, workers? compensation rates in Florida are more than 56% lower than they were in 2002.

Source: http://www.floridawc.com/insurance/workers-comp-rates-2013/

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