At Hearing, Officials Hint at Ratemaking Methodology Changes Ahead

Florida insurers have learned to live with the higher costs from a court ruling that struck down statutory limits on attorney fees, and they are now in a “post-Castellanos” era, a senior actuary told state regulators Tuesday. The 2016 Florida Supreme Court decision in Castellanos v. Next Door Co. did not have a significant effect on the National Council on Compensation Insurance recommendation for a rate decrease for Florida for 2021, NCCI actuary Jay Rosen said at a hearing on the rate filing. Higher attorney fees have contributed to worsening loss ratios for carriers ...