On May 7, 2010, the National Council on Compensation
Insurance (NCCI) made a filing to the Florida Office of Insurance
Regulation (OIR) requesting a rate reduction of 4.2% for all workers’ compensation
class codes. OIR has approved the rate reduction of 4.2% effective
July 1, 2010 for new and renewal policies. This rate reduction will
only apply to new policies written or renewed on or after July 1,
2010. The rate reduction will not apply to any policies written or
renewed prior to July 1, 2010.
The proposed change is due to a reduction in the Special Disability
Trust Fund (SDTF) assessment that all carriers and self-insurers pay.
The SDTF assessment is being reduced from 4.52% of premium to 1.46%.
This is a special rate filing that is separate from the usual rate
filing NCCI makes each August effective January 1 of the following
year. This rate reduction is the eighth decrease in workers’ compensation
rates since the 2003 workers’ compensation reform.