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TALLAHASSEE, Fla.--The Florida Office of Insurance Regulation said it has rejected a National Council on Compensation Insurance Inc. proposal to decrease workers compensation rates by an average of 13.3%.
Instead, Florida's OIR on Tuesday said it ordered the NCCI to amend its filing to reflect a 15.7% decrease effective Jan. 1. The OIR said the Boca Raton, Fla.-based NCCI should have used different calculations for loss development and declining indemnity trends than it did when making its recommendation.
The OIR gave the NCCI until Nov. 1 to amend its filing.