Florida Workers’ Compensation Rate Hike
A 14.5 percent increase to state workers’ compensation rates will take effect Dec. 1 after the Florida Office of Insurance Regulation (“OIR”) filed and won an appeal to a ruling that would have voided the rate hike.
The increase occurs after the OIR filed a notice of appeal with the First District Court of Appeal Monday. It came in response to a court order from Circuit Judge Karen Gievers of Leon County Nov. 23 that voided the increase.
The OIR originally disapproved a requested increase from the National Council on Compensation Insurance for 19.5%, but then approved a Florida rate set of a 14.5% increase.
What a ride! A final rate approval 24 hours prior to the day the rates are to be implemented. Unless something crazier happens, we go back to the approved 12/1/16 rates for new and renewal business (not in force). For those that are experience rated, regardless of policy expiration, the new rates will take effect at the policyholder NCCI Anniversary Rating Date.
- Paul R. Hughes
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