Rate Adjustment for Prescription Drug Reform Premature
The Office of Insurance Regulation has indicated that it is too early to adjust workers’ compensation rates for changes the Florida legislature might make next year to the manner in which workers’ compensation prescriptions are dispensed. The National Federation of Independent Business asked the OIR to cut 2.5% from the National Council on Compensation Insurance workers’ compensation rate filing to account for expected changes to the law. However, the OIR responded that it will consider the impact on rates only after the legislature takes action. OIR spokesman Jack McDermott said, “If the Florida Legislature were to take action – the office would require NCCI to make an amended filing that would correspond with the effective date of the new law. It should be noted that based on NCCI’s testimony on October 11, the 2.5 percent savings estimate was based on last year’s data; this estimate could potentially increase once new numbers are tabulated.”