Florida insurance commissioner approves 8.9% workers compensation rate hike

TALLAHASSEE, Fla.—Florida Insurance Commissioner Kevin McCarty approved an 8.9% workers compensation rate increase on Monday.

The increase, requested by Boca Raton, Fla.-based NCCI Holdings Inc., is effective Jan. 1, 2012.

"The rate increase that has been justified would still give Florida the lowest workers compensation insurance rates among the large states, the lowest workers compensation insurance rates in the southeast and, most importantly, a 58.6% cumulative decrease from the highs prior to the legislative forms in 2003," the commissioner said in a statement.

He also said he is very concerned about cost increases associated with physician-dispensed repackaged drugs in Florida.

“It is imperative that the Florida legislature address this issue during the upcoming legislative session," he said.