NCCI proposes 3.3% Florida comp rate decrease based on fee changes
Reprints
The National Council on Compensation Insurance Inc. has asked Florida regulators to consider a 3.3% decrease in state workers compensation rates for 2015 after it originally proposed a 2.5% rate cut in August.
The amended rate filing is noted in a state advisory forum presentation posted online by Boca Raton, Florida-based NCCI on Sept. 30. The bigger rate cut is based on Florida’s adoption of several changes to its Florida Workers’ Compensation Manual for Hospitals that will take effect Jan. 1, 2015, according to an analysis provided to Business Insurance by NCCI.
Updates to the manual, including reimbursement rates and fee schedules for hospitals, are expected to lower Florida’s workers comp system costs by $26 million annually, according to NCCI.
NCCI’s proposed workers comp rate cut is the first for Florida in four years, according to a statement from the Florida Office of Insurance Regulation following NCCI’s initial filing in August.
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