Florida Insurance Commissioner Kevin McCarty announced today he has disapproved the workers' compensation insurance rate filing submitted by the National Council on Compensation Insurance as too high.
NCCI's filing called for a statewide average rate decrease in workers' compensation insurance rates of 13.3 percent effective Jan. 1, 2007, but Mr. McCarty said he has ordered NCCI to amend its filing to bring about a rate reduction of 15.7 percent
According to Mr. McCarty, the rate reduction recommended by NCCI was primarily due to a significant drop in claims frequency and a reduction in the cost of claims. He said he has disagreements with the methodology NCCI used to project losses and with the trend factors used in the filing. Trend factors incorporate changes in wages, paid losses, and claims frequency.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
