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The Florida insurance commissioner on Wednesday rejected a 3.3% overall decrease in state workers compensation rates and ordered the National Council on Compensation Insurance Inc. to re-file an overall rate cut of 5.2%.
Boca Raton, Florida-based NCCI’s filing contained an “excessive and unsupported” increase in the underwriting profit and contingency provision, and has been disapproved by Insurance Commissioner Kevin McCarty, the Florida Office of Insurance Regulation said in a statement.
According to the statement, the re-filing should include a negative 2% annual trend for indemnity costs and a positive 0.5% annual trend for medical costs.
NCCI proposed the 3.3% decrease in workers comp rates for 2015 in September after proposing a 2.5% rate cut in August.
“Just last year, NCCI requested and was approved for a 2.5% profit and contingency provision, and the record does not reflect any significant change in the economy in the past year that would justify a near doubling of the underwriting profit,” Commissioner McCarty said in the statement.
NCCI can re-file the 5.2% rate cut by Tuesday for final approval, according to the statement. The new rates would be effective Jan. 1.
It's been three years since sweeping reforms to Illinois workers compensation laws reduced the costs for treating injured employees. But those in the construction industry say they have yet to see meaningful reductions in premium costs. In fact, some firms still are watching their workers compensation rates creep up — even as Illinois Gov. Pat Quinn touts a 19.3% drop in such costs statewide since 2011.