Florida insurance commissioner orders 9.8% workers comp rate drop for 2018
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The Florida Office of Insurance Regulation said Tuesday that Insurance Commissioner David Altmaier has ordered a workers compensation rate decrease of 9.8% for next year, rejecting the National Council on Compensation Insurance’s 2018 rate filing.
The Boca Raton, Florida-based NCCI in August filed a proposed 9.3% decrease in the overall rate level, according the Florida Office of Insurance Regulation.
The insurance regulation office cited the Florida Supreme Court ruling in Marvin Castellanos v. Next Door Co. et al. as a reason for rejecting the NCCI recommendation.
“To ensure workers’ compensation rates are not excessive, inadequate, or unfairly discriminatory … it is imperative that additional quantitative analysis be conducted to determine the effect the Castellanos decision is having on the Florida workers compensation market and the data used to support future rate filings,” the Florida Office of Insurance Regulation said.
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