Insurance Commissioner to Approve 8.9 Percent Hike for NCCI

Florida Insurance Commissioner Kevin McCarty intends to approve a requested 8.9 percent rate increase by the National Council on Compensation Insurance, the Office of Insurance Regulation announced Monday.

However, the office noted that NCCIs entire request was not approved and McCarty expressed concerns about potentially higher compensation costs associated with allowing doctors' offices to dispense medications instead of requiring a patient to go to a pharmacy.

I am also very concerned about the evidence presented in the filing and during the rate hearing about the increased costs associated with physician-dispensed repackaged drugs, McCarty stated in a release. This practice has become a critical cost driver in the workers compensation insurance marketplace. It is imperative that the Florida Legislature address this issue during the upcoming legislative session.

McCarty added that even with the rate increase, Florida maintains the lowest workers compensation insurance rates among the large states.