On October 15th, 2008, Florida Insurance Commissioner Kevin McCarty rejected the NCCI’s rate filing and issued an order requiring NCCI to decrease rates in Florida by 18.6 percent. Commissioner McCarty cited disagreement with NCCI’s methods of calculating trend factors, which estimate projected changes in wages, profit losses and claims frequency, and profit factors, as the reason for the order.
According to the Florida Office of Insurance Regulation’s (FLOIR) news release, this is the largest annual decrease on record. The FLOIR news release can be found by clicking here.