FL Seeks Decreased WC Rates, CA Wants Increase for 2008
Insurance Commissioner Kevin McCarty of Florida has ordered NCCI Holdings Inc. to amend its rate filing to reflect a workers compensation rate decrease of 18.4% for 2008 policies. Meanwhile the California Workers’ Compensation Insurance Rating Bureau is seeking an overall rate increase of 5.2% rate for policies effective on Jan. 1, 2008.
According to a statement made by Commissioner McCarty on Tuesday, Boca Raton, Fla.-based NCCI had sought a decrease of 16.5%. Furthermore, he disagreed with the rating organization’s methodology to calculate insurer profit and trend factors.
The decrease for 2008 is the fifth since Florida legislators implemented workers compensation reforms in 2003, the commissioner said. Overall, statewide workers comp rate decreases have averaged more than 50%, he noted.
In California, the Workers’ Compensation Insurance Rating Bureau is now seeking an overall rate increase of 5.2% rate for policies effective on Jan. 1, 2008, after earlier seeking a 4.2% increase.
But a complete evaluation of a recently adopted law extending the time that claimants may qualify for temporary disability benefits caused it to adjust its recommendation, the bureau said in a statement.
Published on October 25, 2007
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