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.
