NCCI Poised to Submit Workers’ Compensation Rate Reduction Filing in Florida

05.24.2013


At the request of Florida Insurance Commissioner Kevin McCarty, the National Council on Compensation Insurance (NCCI) is preparing to file for a workers’ compensation rate reduction of 0.7 percent to reflect legislation passed during the 2013 session.

NCCI estimates that the provisions contained in SB 662 will result in an impact of -0.7 percent on overall workers’ compensation costs in Florida. SB 662 has not yet been signed by Gov. Rick Scott, although it passed handily in the Legislature and the governor is expected to sign the legislation soon.

In its analysis of SB 662, NCCI notes that the bill makes significant changes to reimbursements for some prescription medications that are currently reimbursed at negotiated or contracted amounts in the workers’ compensation system, including:

The rate filing will be submitted to the Office of Insurance Regulation in early June, following the governor’s expected approval of SB 662. The filing will propose an effective date of July 1, 2013 (the effective date of the bill) and also will also propose that the rate reduction apply to both new and renewal policies.

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