The Florida Office of Insurance Regulation (OIR) today issued an Order denying the 8.9% rate increase in workers’ compensation premiums and requested that the National Conference on Compensation Insurance (NCCI) amend its earlier filing to reflect a rate increase of 6.4%.
NCCI had previously submitted a rate filing in November 2008 estimating that the full impact of the Emma Murray decision would be a total increase in costs to the workers’ compensation system of 18.6%. This filing suggested a two-year impact, with the first year increase of 8.9%. A rate filing hearing was held by OIR on December 15, 2008. NCCI had proposed an effective date of March 1, 2009, to apply to all new and renewal workers’ compensation insurance policies. Based on today’s Order, the 6.4% increase will go into effect April 1, 2009. NCCI is reviewing the Order to consider whether it will appeal the ruling.
Regardless, employers in the State of Florida will expect to see an increase in their workers’ compensation premiums upon renewal of their policies after April 1 2009. It is now up to the Florida Legislature to decide whether they will take any Legislative action to fix the decision in Emma Murray.
For more information, see OIR’s press release.
