Payroll & HR Alerts June 2016

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May 31, 2016

NCCI Proposes 17.1% Increase to Florida Workers’ Compensation Rates

The National Council on Compensation Insurance (NCCI) has filed a proposed workers’ comp rate increase of +17.1% with the Office of Insurance Regulation (OIR).­ If approved by OIR, the rate increase will be effective for new workers’ comp policies on August 1, 2016, and will also apply to all existing policies on a pro rata basis from August 1st through the remainder of the policy term.­ The +17.1% increase is a flat increase and will be applied to each class code across the board.­

NCCI’s request for a rate increase is in response to a recent decision from the Florida Supreme Court invalidating the law capping claimant attorney fees in workers’ comp.­ This attorney fee limitation was a major component of the workers’ comp reforms of 2003 that were responsible for decreasing rates over 60% in Florida.­

OIR will hold a hearing on NCCI’s rate request in July.­ If approved, Florida’s workers’ comp rates will again be among the highest in the southeast.eAlert_Footer

 

Posted in 2016, June.

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