On October 6th, the Florida Office of Insurance Regulation issued a final order approving a 14.5% increase to its workers’ compensation insurance rates. This increase apples to both new and renewed policies effective in Florida as of December 1st, 2016. On the bright side, this is better news than the proposed increase by the National Council on Compensation Insurance (NCCI) of 19.6%. The underlying reason for the majority of this increase is due to a Florida Supreme Court ruling this past April (Castellanos v. Next Door Company) which found the mandatory attorney fee schedule per the Florida Statutes being unconstitutional as a…
Posts published in “Insurance”
I have a client with a very interesting scenario in regards to Affordable Care Act (ACA) compliance and their desire to abide by the law. This client is defined as an Applicable Large Employer (ALE) by having greater than 50 Full-time Equivalent employees, therefore is bound by the Employer Shared Responsibility provisions under 4980H of the Internal Revenue Code. If they do not offer affordable health coverage to their full-time employees, they may be subject to a penalty of $2,000 per employee. In this case, the company, not wanting to be penalized, sought a health insurance agent to obtain a…