Monday, October 10, 2016
The Florida Office of Insurance Regulation (OIR) has approved an overall statewide average increase for Florida's workers’ compensation rates of +14.5%. The rate increase will apply to new and renewal policies starting December 1st. There is no rate change to existing policies.
NCCI made an initial rate request of +19.6% in July in response to two Florida Supreme Court cases affecting the workers’ compensation law: theCastellanosdecision invalidated the statutory cap on fees paid to attorneys representing injured workers and theWestphaldecision increased benefits for workers receiving temporary total benefits.
The +14.5% rate increase is the statewide average; individual class codes may increase more or less than this amount.
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