Commenting on the upcoming June reinsurance renewal in Florida, Marc Grandisson, President, and CEO of Arch Capital Group, expects the state’s market to be “well priced” and “very good” on a risk-adjusted basis.
Tag: AOB
Florida CFO Plans to Introduce Legislation to Prevent Fraud
In the aftermath of Hurricane Ian, Florida’s Chief Financial Officer is calling for a major overhaul in the way insurance is handled in order to prevent fraud. State CFO Jimmy Patronis has stated that he intends to introduce new legislation in the upcoming session to address issues ranging from bad public adjusters to assisting consumers… Continue reading Florida CFO Plans to Introduce Legislation to Prevent Fraud
Insurers in Florida Facing Multiple Crises
According to an Issues Brief published by the Insurance Information Institute (Triple-I), the turmoil in Florida’s homeowners insurance market is primarily caused by the state’s excessive number of lawsuits and commonplace fraud schemes. “Floridians’ homeowners’ insurance is becoming more expensive and scarce because the state has been the site of too much litigation and too… Continue reading Insurers in Florida Facing Multiple Crises
Florida Governor Signs AOB Reforms into Law
Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilize the recent explosion in AOB litigation and provide policyholders with the tools to protect… Continue reading Florida Governor Signs AOB Reforms into Law
Fitch: Carriers Better Able to Estimate Loss Costs after AOB Reform
Fitch Ratings believes that insurance carriers in Florida will be able to better estimate loss costs following the passage of a new bill designed to curtail unnecessary litigation and assignment of benefits (AOB) abuse in the state. The reforms will limit the ability of third-party service vendors to take advantage of state laws originally intended… Continue reading Fitch: Carriers Better Able to Estimate Loss Costs after AOB Reform
Senate AOB Bill Advances to Chamber Floor
The Senate assignment of benefits (AOB) reform bill earned the Rules Committee’s blessing Wednesday and is now primed for a floor vote. Before earning an OK from the committee SB 122 was amended by its sponsor, Gulf Breeze GOP Sen. Doug Broxson, to bring it in line with the House AOB reform bill (HB 7065)… Continue reading Senate AOB Bill Advances to Chamber Floor