PAYROLL & HR ALERT
News to Inform and Protect Company Owners
August 29, 2017
NCCI Proposes Decrease in Florida Workers’ Compensation Rates
The National Council on Compensation Insurance (NCCI) has delivered its annual workers’ compensation rate filing to the Florida Office of Insurance Regulation (OIR). NCCI is proposing a statewide average premium decrease of -9.6% for new and renewal business effective January 1, 2018. NCCI is also proposing a reduction in the Expense Constant (the fixed expense cost collected on every workers’ compensation policy) from $200 to $160.
If approved by OIR, this will be the first decrease since rates were increased by +14.5% in December 2016 due primarily to the Florida Supreme Court decision in the Castellanos case, which invalidated the cap on fees paid to attorneys representing injured workers. Even though rates increased for calendar year 2017 due to Castellanos, NCCI says that improving claim frequency and severity in Florida indicate that a rate decrease is necessary at this time.
APC is not offering legal advice. Contact your insurance agent.
ADVANCED PAYROLL CONSULTANTS (established 1996)
695 E. MKL. Dr. Ste B * Tarpon Springs, FL. 34689
Chamber of Commerce memberships: Upper Tampa Bay, Palm Harbor, North Pinellas