Reduce the Impact: Workers’ Compensation Rate Increase
September 28, 2016, 9:30 am – 10:30 am
In recent months, the Florida Supreme Court issued an opinion in two separate cases finding particular provisions within the workers’ compensation regulations to be unconstitutional. The combined impact of these recent decisions has been extreme and expected to put Florida back on path with the record high rates seen in the early 2000s, particularly in the areas of premium rates, claims costs, and carrier marketplace tightening.
September 27,2016 – “The Florida Office of Insurance Regulation (Office) has issued an Order that gives contingent approval to an overall combined average statewide rate increase of 14.5% versus the requested 19.6% [by the NCCI]. Approval of the revised rate increase is contingent on NCCI amending the filing to include the recommended changes stipulated within the Order. As ordered by the Office, the revised rate increase would become effective on December 1, 2016 for new and renewal business, with no change in rates for current in-force polices. The amended rate filing must be filed with the Office for review and approval no later than October 4, 2016.” – Florida Office of Insurance Regulation
NOTE: This presentation will discuss the costs businesses will incur as a result of these high-profile rulings, as well as proactive strategies that business owners can take to reduce the financial impact.