Florida’s Chief Financial Officer is asking for a significant overhaul in the way in which insurance coverage is dealt with to forestall fraud in wake of Hurricane Ian.
State CFO Jimmy Patronis mentioned he plans to introduce new laws within the upcoming session to deal with every thing from unhealthy public adjusters to serving to shoppers perceive precisely what they’re signing.
The announcement comes as new insurance coverage claims are available on daily basis within the wake of Hurricane Ian.
As of Wednesday, the Florida Office of Insurance Regulation revealed there have been 553,242 reported claims since Ian made landfall, with an estimated $6.45 billion in insurance coverage losses. Of these claims, 386,426 had been for residential property.
Patronis mentioned he has a plan to put the brakes on fraud in wake of the storm.
“Public adjusters come into the market and there’s good public adjusters and there’s bad public adjusters,” Patronis mentioned.
He mentioned his plan will hopefully weed out unhealthy public adjusters as a result of it will scale back the quantity they’re entitled to instantly following a storm by making a schedule of how Florida residents’ funds will be laid out.
“For those that truly want to help people, you will have that opportunity to continue to help people in the state of Florida,” Patronis mentioned. “But those that come in after a storm, after a disaster, we are going to curb your ability to take advantage of people.”
The plan additionally requires an all-out ban on Assignment of Benefits, generally known as AOBs.
AOBs are an settlement that transfers insurance coverage claims rights or advantages of the coverage to a 3rd celebration.
Patronis can also be calling for the addition of a statewide prosecutor whose sole duty is to deal with property insurance coverage fraud. He can also be asking for a $3 million anti-fraud and public schooling marketing campaign.
The CFO additionally highlighted the Anti-Fraud Homeowner Squad, which was put into place final 12 months. Since Ian’s impression, Patronis mentioned the squads have already checked in with 7,000 folks, contractors, and companies to examine for licensure, comply with up on fraud leads and open investigations.
Patronis mentioned when you’re the sufferer of fraud, you’re nonetheless suggested to name the Fraud Hotline at 1-800-378-0445.
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