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After rejecting the National Council on Compensation Insurance Inc.'s proposal to cut overall workers comp rates in the state by 1.9%, Florida's Office of Insurance Regulation has settled on a decrease of 4.7% for 2016.
Florida Insurance Commissioner Kevin M. McCarty earlier this month ordered Boca Raton, Florida-based NCCI to submit a new rate filing that contained a 5.1% reduction. However, on Thursday, he approved a workers comp rate decrease of 4.7%, according to a statement by the Office of Insurance Regulation.
Commissioner McCarty initially called NCCI's recommended 4% profit and contingency provision “excessive,” saying it “does not adequately reflect investment income or unearned premium and loss reserves,” but he since agreed to approve a profit and contingency factor of 2.75%, according to the statement.
“NCCI provided additional information and analyses … to justify increasing the profit and contingency factor above (the current) 2.5%,” Mr. McCarty said in the statement. “This information included an assertion by NCCI that the Federal Reserve … once again declined to increase interest rates when they met in late October.”
The ratings and research organization originally proposed a 1.9% overall rate decrease, as well as a reduction in the expense constant from $200 to $160 and changes to minimum premiums. The expense constant represents the common administrative expenses of issuing and administering a workers comp policy.
The 4.7% decrease will take effect Jan. 1, 2016.
Connecticut Insurance Commissioner Katharine L. Wade has approved a 3.9% reduction in voluntary market workers compensation advisory rates for the state next year.