OIR Issues Order on NCCI's Florida Workers Compensation Rate Filing
On August 19, 2015, the National Council on Compensation Insurance (NCCI) proposed an overall workers compensation rate level decrease of 1.9% in Florida effective January 1, 2016. On November 3, 2015, the Office of Insurance Regulation (OIR) issued an order denying the 1.9% decrease and requesting NCCI make an amended filing for an overall workers compensation rate level decrease of 5.1% effective January 1, 2016.
The 3.2% difference between NCCI's filing of 1.9% and the OIR's request for an amended filing of 5.1% is due to the inclusion of a 0.1% decrease associated with the Reimbursement Manual for Ambulatory Surgical Centers, and the disapproval of profit and contingency provision, expense constant component; and, indemnity trend.
The OIR's order requested that NCCI amend its filing by November 9, 2015.
NCCI is currently in the process of reviewing the order and making a decision on how to respond.
On August 19, 2015, the National Council on Compensation Insurance (NCCI) proposed an overall workers compensation rate level decrease of 1.9% in Florida effective January 1, 2016. On November 3, 2015, the Office of Insurance Regulation (OIR) issued an order denying the 1.9% decrease and requesting NCCI make an amended filing for an overall workers compensation rate level decrease of 5.1% effective January 1, 2016.
The 3.2% difference between NCCI's filing of 1.9% and the OIR's request for an amended filing of 5.1% is due to the inclusion of a 0.1% decrease associated with the Reimbursement Manual for Ambulatory Surgical Centers, and the disapproval of profit and contingency provision, expense constant component; and, indemnity trend.
The OIR's order requested that NCCI amend its filing by November 9, 2015.
NCCI is currently in the process of reviewing the order and making a decision on how to respond.
