Florida regulator approves rate drop for workers’ comp
The Florida Office of Insurance Regulation has approved a rate decrease for workers’ compensation insurance in Florida.
The 1.8 percent decrease was filed by the National Council on Compensation Insurance (NCCI) in a law-only filing resulting from the effects of the Federal Tax Cuts and Jobs Act.
Florida chief financial officer Jimmy Patronis said, “Reducing insurance costs and financial burdens is great news for our business community.
“This rate reduction is a much needed insurance cost savings for Florida businesses,” Patronis added.
Florida insurance commissioner David Altmaier said: “NCCI has demonstrated through its rate filing that this decrease is an actuarially-sound response to the savings workers’ compensation insurers have realized as a result of recent federal legislation. The data indicates that passing the savings along to businesses through a rate decrease is an appropriate response at this time.”
The overall rate level change is a 1.8 percent decrease due to a change in the profit and contingency (P&C) factor to 0.5 percent from 1.85 percent. NCCI’s analysis to determine the revised P&C reflects provisions from the recently-passed Tax Cuts and Jobs Act, including top corporate tax rate decreases, changes to reserve discount factors, and other factors. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of June 1, 2018.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Validus reports loss as it is acquired by AIG
RenRe CEO declares ‘successful renewals’ while profits fall
Swiss Re expands African operations with new P&C license
Purviance takes over as AmWINS CEO, triggers reshuffle
Beazley launches blockchain registry with Lloyd’s coverholder and Bitfury
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom