July 23, 2003
The National Council on Compensation Insurance (NCCI) has recommended to the Office of Insurance Regulation (OIR) a 14-percent decrease in workers’ compensation rates for new and renewal policies, effective October 1, 2003. Any mid-term policies in effect on that date will receive a pro-rated reduction through the remainder of the policy year.
AIF totally supports this rate reduction. We will oppose an expected move by some insurance carriers to convince the OIR not to extend this reduction to in-force policies. AIF believes all employers should be covered by this rate reduction.
The premium decrease was made possible by the passage of SB 50A, which Governor Jeb Bush signed on July 15, 2003, which fulfilled a four-year quest by AIF lobbyists to achieve significant and long-lasting changes to the operation of the state’s workers’ compensation system. This new rate filing should be the first of many steps that will help Florida relinquish its dubious honor as the state with some of the highest workers’ comp insurance rates and the lowest statutory benefits.