On May 7, 2010, the National Council on Compensation Insurance (NCCI) made a filing to the Florida Office of Insurance Regulation (OIR) requesting a rate reduction of 4.2% for all workers’ compensation class codes. OIR has approved the rate reduction of 4.2% effective July 1, 2010 for new and renewal policies. This rate reduction will only apply to new policies written or renewed on or after July 1, 2010. The rate reduction will not apply to any policies written or renewed prior to July 1, 2010.

The proposed change is due to a reduction in the Special Disability Trust Fund (SDTF) assessment that all carriers and self-insurers pay. The SDTF assessment is being reduced from 4.52% of premium to 1.46%.

This is a special rate filing that is separate from the usual rate filing NCCI makes each August effective January 1 of the following year. This rate reduction is the eighth decrease in workers’ compensation rates since the 2003 workers’ compensation reform.