The National Council on Compensation Insurance (NCCI) is recommending a 17.1% workers’ compensation rate increase. The NCCI rate increase recommendation could take effect as early as August 1, 2016, following approval by the Florida Office of Insurance Regulation.
According to NCCI, the workers’ comp rate increase is the result of a recent Florida Supreme Court ruling that deemed Florida’s attorney fee provision unconstitutional. These reforms were originally put in place in 2003 when Florida’s workers’ comp rates were the highest in the country.
We encourage you to stay informed on the issue as things develop. The Chamber will work with other statewide organizations and the legislature to develop solutions.