OFFICE OF INSURANCE REGULATION
NOVEMBER 12, 2003
ITEM SUBJECT RECOMMENDATION
1. MINUTES OF THE FINANCIAL SERVICES COMMISSION, NOVEMBER 12, 2003.
(ATTACHMENT 1) FOR APPROVAL
2. APPROVAL OF A RECOMMENDED VENDOR TO PERFORM A PEER REVIEW AND ANALYSIS OF THE RATEMAKING PROCESSES OF THE LICENSED RATING ORGANIZATION THAT PRODUCES RATE FILINGS FOR WORKER’S COMPENSATION INSURERS.
This change to Worker’s Compensation law (Chapter 440) was included in Senate Bill 50-A; Section 34 created 627.285, F.S. which requires the Financial Services Commission to contract, “at least once every other year, for an independent actuarial peer review and analysis of the ratemaking processes of any licensed rating organization that makes rate filings for worker’s compensation insurance.” The National Council on Compensation Insurance (NCCI) is the rating organization that submits rates to OIR on behalf of all Worker’s Compensation Insurers. A final report is due to the Commission, the President of the Senate and the Speaker of the House by February 1, 2004.
(ATTACHMENT 2) FOR APPROVAL