NU Online News Service, Oct. 18, 3:40 p.m. EDT
Florida Insurance Commissioner Kevin McCarty said he would approve a 7.8 percent workers' compensation rate increase after the National Council on Compensation Insurance (NCCI) asked for an 8.3 percent hike.
"Commissioner McCarty's action is technically a denial of NCCI's recent rate filing that sought an 8.3 percent increase," Florida's Office of Insurance Regulation (OIR) said in a statement.
NCCI said it is reviewing the OIR's order, and noted that a difference in the medical trend factor accounts for the OIR/NCCI gap.
"The OIR states that a negative-3.3 percent medical trend is indicated instead of NCCI's proposed negative-3 percent medical trend," NCCI said. "The OIR's order requests that NCCI amend its filing by Oct. 28, 2010. NCCI is in the process of reviewing the order."
Commissioner McCarty said, "The rate increase that that has been justified would still give Florida the lowest rates in the southeast, and likely keep us in the top 10 states nationally for most affordable workers' compensation insurance. The NCCI's prior seven annual filings represent the largest consecutive cumulative decrease in rates in our state's history."
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