OIR Orders Larger Workers’ Compensation Insurance Rate Decrease for 2020

TALLAHASSEE, Fla. – Florida Insurance Commissioner David Altmaier issued an Order on Rate Filing today to the National Council on Compensation Insurance (NCCI) requesting an amended filing to reduce workers’ compensation rates by 7.5 percent for 2020. The Order notifies NCCI that the rate filing submitted for a 5.4% rate decrease has been disapproved and, if amended by November 4, 2019, will be approved with the larger workers’ compensation rate decrease. Approval of a revised 7.5 rate decrease is contingent on the amended filing being submitted with changes as stipulated within the Order. If approved by the OIR, the revised rate decrease would become effective on January 1, 2020, for new and renewal business.