Insurance Rates Increase for Workers’ Compensation

20161001

business growth diagram with red arrowAfter a review of the workers’ compensation insurance rate filing by the National Council on Compensation Insurance (NCCI), the Florida Office of Insurance Regulation (OIR) approved an average statewide increase of 14.5 percent.

The increase stems from an April 28 Supreme Court ruling in the case of Castellanos v. Next Door Company, which found that limiting fees for attorneys who represent injured workers was unconstitutional.

The increase is effective Dec. 1, 2016 for new and renewal business, with no change in rates for current in-force policies. The amended rate filing will be reviewed by NCCI.

For more information, visit National Council on Compensation Insurance (NCCI) Public Rate Hearing.