Florida’s insurance industry will apply significant pressure on lawmakers to pass assignments of benefit (AOB) reform in the upcoming legislative session as consumers face rate increases and a looming coverage availability crisis due to serious and costly abuse of the policyholder benefit. Read more from Insurance Journal here
As the Legislature debates restricting attorney fees in insurance litigation involving assignment-of-benefits agreements, a tort-reform group has identified a way to circumvent that fix. Attorneys could convince policyholders to file suit in their own name. Read more from Florida Politics here
The Florida Property & Casualty Association, representing a number of state-based companies, said this in a statement: “Ratings agency Demotech recently issued a press release advising they are making changes in the way they evaluate home insurance companies in Florida. This reflects their view of the state’s property insurance market which is deteriorating because of claim fraud, assignment of benefits abuse, and [...]
Florida Chief Financial Officer Jeff Atwater announced Friday that he plans to leave his post at the end of the legislative session to take a job at Florida Atlantic University. Read more from Politico Florida here