We still have no formal update since the National Council of Compensation Insurance (“NCCI”) withdrew their rate filing…
http://floir.com/siteDocuments/NCCI-FL_Filing_Release-8-1-16.pdf
…that the Florida Office of Insurance Regulation responded to with this press release:
FL OIR Releases Statement on NCCI Rate Filing to Address Recent Legal Changes
…which in essence recognized the rate filing that the NCCI had submitted in late May to address the Castellanos v Next Door case as well as the increased Florida medical fee schedule. The big deal here is capping of plaintiff attorney fees.
Then…
Westphal v City of St Petersburg – another case that now extends the ability for an injured worker to obtain benefits from 2 years to 5 years. The NCCI promptly withdrew their filing to reassess this third hit to the system.
The plaintiff attorneys are pleased, businesses are scared and the jury is still out…
What we do know is that before the Westphal case, the NCCI thought that a Florida workers’ compensation rate increase of 17.1% was necessary. Westphal obviously brings more exposure to insurers by increasing the collection of temporary benefits, but the NCCI has not yet formalized what this should mean to Florida rates. The resubmitted rate filing I am guessing will be plus 20%…
Only 26 business days until a proposed August 1 effective date for all policyholders.
I’m hoping we will get some guidance soon and will distribute it as it comes –
-PRH
