Florida OIR Approves 4.9% Comp Rate Cut; NCCI Drops Cat Fund Idea
Published November 15, 2021 • Insurance Journal
Florida Insurance Commissioner David Altmaier has approved a 4.9% average decrease in workers’ compensation rates for 2022, as recommended by the National Council on Compensation Insurance.
The decrease is the sixth straight for Florida, and for the first time in four years, Altmaier’s office did not ask the NCCI to revise its plan and produce a larger reduction in overall rates. Last year, the NCCI proposed a 5.7% cut but the Florida Office of Insurance Regulation demanded more and ultimately approved a 6.6% decrease for 2021.