Florida Senate - 2012 COMMITTEE AMENDMENT Bill No. SB 668 Barcode 928020 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Health Regulation (Fasano) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete line 39 4 and insert: 5 Section 2. Effective upon this act becoming a law and 6 before July 1, 2012, the Department of Financial Services shall 7 conduct a retrospective review of any rate filing submitted by a 8 rating organization on behalf of workers’ compensation or 9 employer’s liability insurance carriers during the previous 12 10 months which resulted in a rate increase. The department’s 11 review must determine whether the information, data, and 12 documentation included in the rate filings includes cost 13 information demonstrating that 2.5 percent of the overall rate 14 increase that was subsequently approved was directly 15 attributable to the costs of repackaging prescription 16 medications. If the department determines that such 17 documentation or information was not included in the rate 18 filing, the department shall report such information to the 19 Office of Insurance Regulation. The office shall immediately 20 reduce the rates of workers’ compensation and employer liability 21 insurance carriers by 2.5 percent. The department shall also 22 make its review available to the Senate and the House of 23 Representatives by October 1, 2012. 24 Section 3. Except as otherwise expressly provided in this 25 act and except for this section, which shall take effect upon 26 this act becoming a law, this act shall take effect July 1, 27 2012. 28 29 ================= T I T L E A M E N D M E N T ================ 30 And the title is amended as follows: 31 Delete lines 6 - 7 32 and insert: 33 medication; providing limitations; requiring the 34 Department of Financial Services to conduct a 35 retrospective review of certain rate filings to 36 determine if the filings were supported by 37 documentation demonstrating that a certain portion of 38 the approved rate increase was attributable to the 39 costs of repackaging prescription medications; 40 providing effective dates.