In response to a Florida judge’s order to put a hold on the December 1, 2016 workers’ compensation rate increase, the Florida Office of Insurance Regulation (OIR) has filed an Appeal with the First District Court of Appeals to stay the judge’s order.
Simply stated, the stay validates the 14.5% rate increase published by NCCI, and the increase will continue to be effective as originally scheduled on December 1, 2016 for new and renewal policies.
As reported yesterday, Nov. 29, the proposed workers’ compensation rate increase set for December 1, 2016 was placed on hold by a Florida judge. The judge determined that the proper procedures were not followed during the approval process this past fall. The OIR responded by filing an appeal as stated above. At this time this delay appears to be a procedural issue and unlikely to ultimately stop or change the amount of rate increases.
MBA is monitoring this issue carefully and will continue to keep you informed of developments as they occur.