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 geared toward lowering 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 ascertain reforms that may get rid of one-way lawyer charges, restrict harm and insurance coverage litigation, modernize dangerous religion legal guidelines, cease inflated jury awards, and reveal the true price of medical care supplied to injured folks.
A press launch from NICB known as the payments “significant” lawsuit abuse reform laws and stated they may go a protracted option to “stabilizing Florida’s insurance coverage market.”
“Insurance coverage fraud and abuse is rampant within the state of Florida, costing owners and insurance coverage carriers billions of {dollars} annually,” stated 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 tackle the decades-long fraud and abuse that has plagued the state. NICB totally helps this laws.”
“Home Invoice 837 and Senate Invoice 236 will deliver much-needed reform to Florida’s lawsuit abuse local weather,” added Wealthy DiZinno, NICB vice chairman – technique, coverage, and authorities affairs. “We stay up for seeing these payments advance by means of the legislature and convey aid to Floridians who’ve been caught with skyrocketing insurance coverage premiums and different rising prices.”
Senate Invoice 236 will transfer on to be thought-about 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 geared toward tackling spiralling property insurance costs and market exits by scrapping one-way lawyer charges and ending the project of advantages, amongst different modifications.
Rankings company Demotech lately issued a launch that stated these reforms have “refined” Florida’s property insurance market for the higher.
