Commissioner Approves 9.5% Rate Cut

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. 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 order directing ...