NCCI Seeks Florida Workers’ Comp Rate Cut
Florida Insurance Commissioner Kevin McCarty has received the latest rate filing from the National Council on Compensation Insurance (NCCI) for workers’ compensation insurance rates due to become effective January 1, 2010. The filing includes an overall average rate decrease of 6.8% statewide, producing a savings of more than $166 million for Florida employers.
If approved, the rate decrease would be the seventh consecutive decline since the Legislature passed sweeping reforms to the state’s workers’ comp system in 2003. The 2003 law instituted provisions for enhanced fraud compliance and revised permanent and temporary disability definitions.
It also set new parameters for attorney and physician compensation and improved dispute resolution procedures, in addition to making many other improvements to the system.
The cumulative overall statewide average rate decrease since 2003 would total 63.2%.
Before the 2003 legislative reforms were passed, Florida ranked as the first or second state with the highest workers’ comp rates in the country. Last year, studies showed Florida dropped to the 28th highest. However, updating those studies with the rate changes the Office approved earlier this year, plus today’s NCCI filing, Florida’s ranking could now be among the 10 lowest states in the country. (workersxzcompxzkit)
NCCI, which produces and files rates for insurers in many states, noted the rate decline was primarily due to a significant reduction in claims frequency although there are signs the pace of improvement has moderated.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: [email protected] or 860-786-8286.
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