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NCCI proposes 2.5% workers comp rate decrease for Florida in 2015

NCCI proposes 2.5% workers comp rate decrease for Florida in 2015

The National Council on Compensation Insurance Inc. has proposed a statewide workers compensation rate decrease in Florida for the first time in four years, the Florida Office of Insurance Regulation said.

In its 2015 Florida workers comp rate filing, Boca Raton, Florida-based NCCI, a nationwide workers comp ratings and research organization, suggested an average rate decrease of 2.5%, the state insurance office said in a statement on Friday. If the office approves the decrease, it would become effective Jan. 1.

This is NCCI's first proposed statewide rate cut in four years, according to the statement, which notes that rates are 56% lower than they were when Florida's workers comp reforms took effect in 2003.

A state judge ruled earlier this month that Florida's worker's comp law is unconstitutional because it no longer provides injured workers adequate benefits, and another case is pending before the state Supreme Court over Florida's lack of permanent total disability benefits.

In Friday's filing, NCCI wrote that once pending court cases — including Padgett v. State of Florida and Westphal v. City of St. Petersburg — are final, it will “issue estimated cost impacts and if necessary submit amendments to the pending rate filing or submit future rate filings.”

At the moment, however, Florida's workers comp insurance costs are stable and similar to other southeastern states, NCCI said.

NCCI also announced Thursday that it suggested an overall loss cost decrease of 6.9% for Kentucky employers.

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