Responding to an order from the Florida Office of Insurance Regulation, the National Council on Compensation Insurance said it has revised its rate filing to reflect an overall workers' compensation rate level decrease of 18.4 percent.

The proposed rate, from the state's rate and data supplier, for the voluntary market industrial classes, which would go into effect January 1, 2008, is 1.9 percent less than NCCI's original 16.5 percent proposed rate decrease.

If approved it would mean there has been a cumulative rate decrease of 51.4 percent since legislative comp reforms in 2003.

On Oct. 22 NCCI was asked by OIR to submit an amended filing. The company said the order provided it with the option of an appeal but, "after careful consideration," it was submitting the amended filing.

NCCI said assuming the amended filing is approved as filed, the overall average rate impact at an industry group level would be as follows:

o Manufacturing: minus 17.5 percent, a cumulative decrease since 2003 of 47.6 percent.

o Contracting: minus 17.9 percent, a cumulative decrease since 2003 of 52 percent.

o Office and clerical: minus 21.3 percent, a cumulative decrease since 2003 of 50.8 percent.

o Goods and services: minus 19 percent, a cumulative decrease since 2003 of 51.5 percent.

o Miscellaneous: minus 15.2 percent, a cumulative decrease since 2003 of 53 percent.

The total overall would be minus 18.4 percent, for a cumulative decrease since 2003 of 51.4 percent.

Special Reports /

NCCI Agrees To Fla. 18.4% Comp Rate Drop

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