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Commissioner Approves 9.5% Rate Cut

Friday, November 10, 2017 | 325 | 0 | 1303 min read

Florida Insurance Commissioner David Altmaier on Thursday approved a revised National Council on Compensation Insurance recommendation for an overall rate level decrease of 9.5% and a premium level decrease of 9.8%, effective Jan. 1. David Altmaier NCCI initially recommended a 9.3% rate cut and a 9.6% decrease in premiums, but Altmaier on Oct. 31 ordered the rate-making organization to run the numbers again using a lower built-in profit factor. The original recommendation relied on a 2% allowance for profit and contingencies, which the commissioner said was “excessive” in an or...

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