Florida Workers’ Comp Insurance
Today’s article out of Insurance Journal provides us with a timetable to the hopeful conclusion of the 12.1.2016 Florida workers’ compensation rate increase saga. The approved 14.5% rate increase that was challenged based on Sunshine Law infractions and then temporarily upheld upon OIR and NCCI appeal of the decision.
http://www.insurancejournal.com/news/southeast/2016/12/19/435670.htm
“NCCI and OIR filed motions on Dec. 5 and Dec. 8, respectively, seeking to stay the order on appeal and also granted their request to expedite the appeal process. In the Dec. 12 ruling, the appeals court ordered that the record on appeal must be filed on or before Dec. 30, 2016, and the initial briefs are due on or before Jan. 11, 2017. The answer brief must be filed no later than Jan. 23, 2017 and the reply brief will be due no later than Feb. 2, 2017.”
There can be no firm expectation outside of all briefs are due to the courts by February 2, 2017 and a ruling assumed to be made thereafter. Either the courts rule in favor of the NCCI and OIR and the 12/1/2016 proposed rate sets of +14.5% stay in place… or deny the appeal and all carrier rate sets go back to those in-force and approved for 1/1/2016. Undoing this rate change at minimum 60+ days after taking effect will be messy at best for those of us administering policies and providing pricing consultation. We shall see —
- Paul R. Hughes
Join the Conversation on Linkedin | About PEO Compass
The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.
