Florida’s Workers’ Compensation Insurance Rate Change
To Our Valued Clients and Florida Business Owners,
Many of you are aware of the changes that are coming to the Florida’s Workers’ Compensation market as a result of two Florida Supreme Court rulings.
The Florida Office of Insurance Regulation (OIR) has recently issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for an overall combined statewide average rate increase of 14.5%; this is a significant improvement over the average 19.6% rate that had originally been requested. This rate increase applies to all new and renewal workers’ compensation insurance policies that have an effective date on or after December 1, 2016.
Please note that STAFFLINK clients with ‘in-force’ policies will not experience an increase until March 1, 2017.
The two Florida Supreme Court rulings that led to the increase were Castellanos vs. The Next Door Company, whereby the court found that the mandatory attorney fee schedule for workers’ compensation plaintiff attorneys was judged to be unconstitutional, allowing for plaintiffs’ attorneys to charge high hourly rates; and, Westphal vs. City of Saint Petersburg , in which the court increased the time limit for the payment of Temporary Total Disability payments from 104 weeks to 260 weeks.
In addition, there was a third rate increase intended to counter the overall cost increases in medical treatment.
The actual rates have not been released yet, but STAFFLINK will notify you as soon as that information becomes available. While many questions have yet to be answered, STAFFLINK is available to answer any questions you may have about the information that has been provided at the present time.
CEO, STAFFLINK OUTSOURCING