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NCCI Re-Files –18.4% in Response to OIR Order |
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10/30/2007 |
From NCCI late Monday:
NCCI Re-Files -18.4% in Response to OIR Order on Florida Workers Compensation Rate Filing
Based upon its annual review of the most recent data available, the National Council on Compensation Insurance (NCCI) proposed an overall workers compensation rate level decrease of 16.5% for the voluntary market industrial classes effective January 1, 2008. On October 22, 2007, the Office of Insurance Regulation (OIR) issued its order requesting that NCCI submit an amended filing for an overall workers compensation rate level decrease of 18.4%, a difference of -1.9%. The order also provided NCCI the option of appeal. After careful consideration, NCCI, on October 29, 2007, submitted an amended filing for -18.4% in accordance with the OIR order. Upon approval by the OIR, the new rates and other changes will apply effective January 1, 2008 to new and renewal policies.
Assuming the amended filing is approved as filed, the overall average rate impact at an industry group level would be as follows:
/1/08 Filing Cumulative 10/1/03-1/1/08
Manufacturing -17.5% - 47.6%
Contracting -17.9% - 52.0%
Office and Clerical -21.3% - 50.8%
Goods and Services -19.0% - 51.5%
Miscellaneous -15.2% - 53.0%
TOTAL -18.4% - 51.4%
NCCI will provide further information upon approval of the amended filing.
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