The National Insurance Crime Bureau (NICB) has applauded the Florida House Judiciary Committee and the Senate Committee on Banking & Insurance for passing two important expenses geared toward decreasing insurance lawsuit abuse.
House Bill 837 and Senate Bill 236, supported by way of Governor Ron DeSantis, Senate President Kathleen Passidomo, and House Speaker Paul Renner, search to identify reforms that can do away with one-way lawyer charges, restrict damage and insurance litigation, modernize unhealthy religion rules, prevent inflated jury awards, and expose the actual value of hospital treatment equipped to injured other people.
A press unlock from NICB known as the expenses “meaningful” lawsuit abuse reform regulation and stated they are going to pass some distance to “stabilizing Florida’s insurance market.”
“Insurance fraud and abuse is rampant in the state of Florida, costing homeowners and insurance carriers billions of dollars each year,” stated NICB president and CEO David J. Glawe. “We thank the bill sponsors for advocating on behalf of Florida’s consumers and for working together to stabilize the Florida insurance market and address the decades-long fraud and abuse that has plagued the state. NICB fully supports this legislation.”
“House Bill 837 and Senate Bill 236 will bring much-needed reform to Florida’s lawsuit abuse climate,” added Rich DiZinno, NICB vp – technique, coverage, and govt affairs. “We look forward to seeing these bills advance through the legislature and bring relief to Floridians who have been stuck with skyrocketing insurance premiums and other rising costs.”
Senate Bill 236 will transfer on to be thought to be by way of the Senate Judiciary and Senate Fiscal Policy Committees, whilst House Bill 837 will transfer on to the House Floor for a vote.
In 2022, Florida handed regulation geared toward tackling spiralling belongings insurance prices and marketplace exits by way of scrapping one-way lawyer charges and finishing the project of advantages, amongst different adjustments.
Ratings company Demotech not too long ago issued a unlock that stated those reforms have “refined” Florida’s belongings insurance marketplace for the easier.