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Monday, October 10, 2016

 

Florida Workers’ Comp Rates will IncreaseDecember 1, 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.­

Posted 10:43 AM  View Comments

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