Insurance Policy (Source: TFP File Photo) The Florida Office of Insurance Regulation has scheduled a hearing next week on a proposal that would le
The Florida Office of Insurance Regulation has scheduled a hearing next week on a proposal that would lead to an overall 15.1 percent workers’ compensation insurance rate decrease in 2024.
The hearing will be held Oct. 5 at the Office of Insurance Regulation in Tallahassee, according to a notice published Tuesday in the Florida Administrative Register.
The proposal, filed in August by the National Council on Compensation Insurance, would take effect Jan. 1 if approved by regulators.
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The National Council on Compensation Insurance, known as NCCI, said in a summary of the filing that it was based on claims experience in the 2020 and 2021 policy years.
“Favorable loss experience has been observed in each of these time periods, a primary driver of the rate decrease proposed in the filing,” the summary said. NCCI files a rate proposal each year for the workers’ compensation industry.
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