The Nationwide Insurance coverage Crime Bureau (NICB) has applauded the Florida Home Judiciary Committee and the Senate Committee on Banking & Insurance coverage for passing two vital payments aimed toward decreasing insurance coverage lawsuit abuse.
Home Invoice 837 and Senate Invoice 236, supported by Governor Ron DeSantis, Senate President Kathleen Passidomo, and Home Speaker Paul Renner, search to determine reforms that may remove one-way lawyer charges, restrict harm and insurance coverage litigation, modernize unhealthy religion legal guidelines, cease inflated jury awards, and reveal the true price of medical care offered to injured individuals.
A press launch from NICB referred to as the payments “significant” lawsuit abuse reform laws and mentioned they’ll go a protracted approach to “stabilizing Florida’s insurance coverage market.”
“Insurance coverage fraud and abuse is rampant within the state of Florida, costing householders and insurance coverage carriers billions of {dollars} annually,” mentioned NICB president and CEO David J. Glawe. “We thank the invoice sponsors for advocating on behalf of Florida’s customers and for working collectively to stabilize the Florida insurance coverage market and handle the decades-long fraud and abuse that has plagued the state. NICB absolutely helps this laws.”
“Home Invoice 837 and Senate Invoice 236 will carry much-needed reform to Florida’s lawsuit abuse local weather,” added Wealthy DiZinno, NICB vp – technique, coverage, and authorities affairs. “We stay up for seeing these payments advance by means of the legislature and convey reduction to Floridians who’ve been caught with skyrocketing insurance coverage premiums and different rising prices.”
Senate Invoice 236 will transfer on to be thought of by the Senate Judiciary and Senate Fiscal Coverage Committees, whereas Home Invoice 837 will transfer on to the Home Flooring for a vote.
In 2022, Florida handed laws aimed toward tackling spiralling property insurance coverage prices and market exits by scrapping one-way lawyer charges and ending the task of advantages, amongst different modifications.
Rankings company Demotech just lately issued a launch that mentioned these reforms have “refined” Florida’s property insurance coverage market for the higher.
