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Following Hurricane Debby, Florida Chief Financial Officer (CFO) Jimmy Patronis warned consumers about contractors using agreements designed to circumvent Florida’s prohibition against assignment of benefits (AOBs). In recent years, contractors’ widespread use of AOBs contributed to elevated losses, loss adjustment expenses and litigation in the Florida property insurance market. The Florida legislature included a prohibition […]
Florida Legislature, auto insurance, Insurance Regulation News, assignment of benefits, HB 541, post-loss benefits
The Florida legislature passed significant property insurance reforms in its December 2022 special session. Governor Ron DeSantis promptly signed these reforms into law, with many taking effect immediately upon the law’s effective date. However, a key change related to assignments of benefits (AOB) begins to have its real impact in the new year. For many […]
Florida Legislature, Insurance Regulation News, property insurance, assignment of benefits, AOB Claims, CFO Jimmy Patronis, Florida special session, Hurricane Ian, Insurance Regulation
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, assignment of benefits, Demotech, Hurricane Ian
The Florida property insurance market continues to experience reduced availability and increasing prices due to extraordinary litigation levels. Widely-discussed sources show that Florida has nearly 80% of the nation’s property insurance litigation despite having less than ten percent of the countrywide claims. Stated differently, Florida had about 100,000 lawsuits last year, which vastly outpaced the […]
In late May, the Florida legislature passed several measures intended to address continuing concerns with Florida’s residential property insurance market. Lawmakers commented that the new laws will not provide quick fixes; instead, the benefits might take 12-18 months to materialize. Unfortunately, this estimate might prove to be optimistic as two lawsuits have been filed challenging […]
The Florida legislature has released its multi-faceted proposals for reforming Florida’s property insurance market. The proposed legislation includes temporarily expanding available capacity from the Florida Hurricane Catastrophe Fund, incentivizing loss mitigation through windstorm protective devices, increasing regulatory oversight for distressed insurers, and curbing Florida’s litigation crisis by rebalancing attorneys’ fee incentives. To effectively address Florida’s […]
A proposal in the Senate (SB 1402) and House (HB 951) would authorize “domestic surplus lines insurers” to issue policies in Florida. Although the bills are in their early stages of consideration, the Senate version recently passed the Banking and Insurance Committee with a 9-0 vote. Currently, because surplus lines insurers issuing policies in Florida […]
Governor Ron DeSantis signed SB 76 into law and it takes effect July 1, 2021. The new law reflects a series of compromises reached by the Florida legislature during the 2021 session. Despite the compromises, bill sponsors believe the reforms will have a favorable effect on Florida’s residential property insurance market. Other legislators have been […]
