The Florida Office of Insurance Regulations (FLOIR) approved a 14.5 percent rate increase for workers’ compensation insurance Tuesday, Sept. 27 raising costs for business owners across the state.
The most recent filing by the National Council on Compensation Insurance (NCCI), the company approved to assess and make recommendations to the FLOIR on costs of worker’s compensation, was for a 19.6 percent increase.
FLOIR has ordered NCCI to amend their filing by Oct. 4.
The rate increase will go into effect Dec. 1 for all new and renewal policies. That means many businesses will not immediately feel the change FLOIR Communications Director Amy Bogner said.
“If NCCI submits an amended filing, and it is approved by the Office, employers would not see a rate increase on their workers’ compensation insurance policy until they renew an existing policy or when purchasing a new policy,” Bogner said.
Read the full article in the Oct. 6 issue of Navarre Press. Click here to subscribe for as little as $38 per year.