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Each year seems to go by quickly, and the holidays always seem too short. The ball has barely dropped in Times Square before we are back to work thinking about what is in store for the next year. If it seems like this is taking place faster than usual in 2016, it is not our […]
As 2015 comes to a close, several aspects of this year’s insurance market stand out. Each year presents its share of successes and its share of challenges, which is expected in a cyclical industry. However, on balance we will remember 2015 for its continued stability in several key insurance markets. In Florida, our view of […]
The Florida Department of Financial Services recently highlighted its divisions that work to reduce fraud in Florida. Insurers are familiar with the state’s Division of Insurance Fraud, which investigates instances of possible insurance-related fraud. DFS points out that the range of fraudulent activities can include staged car accidents to fake water leaks for insurance payments, to […]
The Florida Office of Insurance Regulation has issued an order approving an overall rate reduction of 4.7% in the National Council on Compensation Insurance’s (NCCI’s) recent workers’ compensation insurance rate filing. NCCI originally filed for an overall rate reduction of 1.9%. However, upon review, the OIR disapproved the filing as initially filed and stated that […]
Last week the Office of Insurance Regulation rejected a proposed 1.9% workers compensation rate decrease filed by the National Council on Compensation Insurance and indicated that the OIR instead would approve a revised filing providing for a 5.1% rate decrease. The OIR gave NCCI until November 9 to submit the revisions. NCCI responded before the […]
The Florida Office of Insurance Regulation (Office) has scheduled a public hearing in connection with its evaluation of the annual NCCI rate filing. The filing proposes an overall average rate decrease of 1.9% for the workers’ compensation line of insurance. NCCI is a licensed rating organization authorized to make rate filings on behalf of approximately 260 workers’ […]
workers' compensation, Florida Department of Financial Services, Florida Division of Insurance Fraud, workers' comp fraud
Florida Insurance Commissioner Kevin McCarty received the Lifetime Achievement Award from the Florida Association for Insurance Reform (FAIR) at its 2015 awards banquet. FAIR is a non-profit association that works to educate consumers and industry stakeholders about the effects of insurance public policy considerations. FAIR attempts to encourage dialogue among consumers, insurers, public adjusters, the trial […]
The Office of Insurance Regulation (OIR) recently commented on the rate filing it received from the National Council on Compensation Insurance (NCCI) proposing a statewide average premium decrease of 2.2%. The OIR pointed out that the filing includes a statewide average rate decrease of 1.9% and a reduction of the fixed expense cost applicable to […]
workers' compensation, Florida Supreme Court, workers' compensation insurance system, Florida Workers' Compensation Act, Insurance Regulation
