Florida Office of Insurance Regulation Releases 2012 Workers’ Compensation Annual Report
Jan 2, 2013
The Florida Office of Insurance Regulation (“OIR”) issued its 2012 Workers’ Compensation Annual Report to the Florida Legislature today, January 2, 2013. The report highlights information about Florida’s workers’ compensation insurance market statewide.
To access the report, click here.
After a detailed analysis of the availability and affordability of workers’ compensation insurance in Florida, the report findings conclude that Florida’s market remains competitive, with a 56 percent decline in voluntary market rates since reform legislation was passed in 2003. However, concerns exist about the rate impact of medical cost drivers associated with physician drug repackaging and reimbursement costs for hospital inpatient/outpatient care and ambulatory surgical center care.
The National Council on Compensation Insurance (NCCI) estimates that total savings of 8.4 to 9.6 percent could be achieved with legislative reforms to address these cost drivers.
The report issued today is prepared pursuant to requirements of Section 627.211 (6), F.S., and fulfills the requirements of Section 627.096, which requires the OIR to provide comprehensive information to assist in the review of workers’ compensation rate filings.
Click here to access Florida’s previous annual workers’ compensation reports from 2004 through 2011.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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