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NCCI requests 6.1% increase in Florida workers compensation rates

NCCI requests 6.1% increase in Florida workers compensation rates

NCCI Holdings Inc. is seeking a 6.1% increase in workers compensation rates paid by Florida employers, the state's Office of Insurance Regulation announced Thursday.

The proposed rate increase would be effective Jan. 1, 2013, if approved.

Florida workers comp rates rose 8.1% in January.

But the Office of Insurance Regulation reports that even if the new proposal is approved, Florida employers still would experience a cumulative decrease of 56% since reforms were adopted in 2003.

“A careful review and thorough analysis of this rate filing will be performed to evaluate its potential effects on Florida's workers compensation insurance marketplace and employers,” The office said in a statement.

The office also said it anticipates a public hearing on the issue will be held in early October.