TALLAHASSEE (CBSMiami/NEWS SERVICE OF FLORIDA) – The state Office of Insurance Regulation has scheduled an Oct. 17 hearing on a proposal that could lead to an average 13.4 percent reduction in workers’ compensation insurance rates next year, according to a notice published Monday in the Florida Administrative Register.
The National Council on Compensation Insurance, which proposes rates annually for workers’ compensation insurers, filed the proposed rate decrease last month.
The Office of Insurance Regulation will review the details of the proposal and decide whether to approve the cut or request changes.
The rate decrease is proposed to start taking effect in January. In an overview of the filing, the National Council on Compensation Insurance, or NCCI, said the proposal is in line with trends in other states.
“Consistent improvement in loss experience is the primary driver underlying the filing. More specifically, the long-term decline in claim frequency has continued to more than offset moderate increases in claim severity,” the overview said.
“This has resulted in continued downward pressure on the overall average rate level need and is consistent with trends across most NCCI states.” The Oct. 17 hearing is slated for 1 p.m. in Room 301 of the Senate Office Building in Tallahassee, according to the notice.