The Boca Raton, Fla.-based NCCI agreed with the Florida Office of Insurance Regulation’s request to reduce workers comp rates by 18.4%, after initially presenting a 16.5% rate reduction. Last week, Mike McCarty, commissioner of the Florida Office of Insurance Regulation, rejected NCCI’s initial reduction request, stating that he disagreed with the rate-making organization’s methodology in calculating profit and trend factors.
The amended rate decrease is the fifth consecutive drop since Florida lawmakers approved workers comp reforms in 2003. The overall statewide average rate decrease will be more than 50% since 2003, according to the Florida insurance regulation office.
The new rates take effect with new and renewing policies on Jan. 1, 2008.