Though Florida lawmakers have been working toward making changes to the state’s personal injury protection (PIP) insurance regulations, reform efforts have run into trouble. Legislators have been arguing over House Bill 119, which would have required accidents victims to be treated in emergency rooms rather than clinics. Since the bill gained resounding support earlier in the months, over a dozen amendments had been added one its way to the Senate. The amendments have been a source of chaos, as some legislators have expressed confusion regarding what the bill will actually…
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Fannie Mae takes charge on forced-place insurance, announces changing of rules
The issue of force-placed insurance has been thrust into the limelight this week by the Federal National Mortgage Association, more commonly known as Fannie Mae. Forced-placed insurance is a practice that some insurance companies and banks utilize to force homeowners to purchase expensive insurance policies. In New York, insurance regulators have been investigating the issue in the local industry. Spurred by state, federal and consumer attention, Fannie Mae has announced that it will be changing the rules concerning forced-placed insurance. For one, the government-sponsored enterprise will be overseeing forced-placed policies…
Read MoreFlorida lawmakers attempt to manage problematic and controversial solution to Citizens Property Insurance problem
In Florida, lawmakers have been working on fixing the problems of the state-run Citizens Property Insurance Corp. Their efforts have yielded few results and now legislation that could help the program recover from its massive debt has hit a roadblock. Legislators have mostly been focused on reducing the number of people receiving coverage from Citizens by having private insurance companies take on more policies. The Legislature has approved an amendment to the bill that would have accomplished this, House Bill 245, which makes transferring policies more difficult. Now, insurers must…
Read MoreFlorida lawmakers pass new bill designed to combat auto insurance fraud in the state
The Florida House of Representatives has passed a new bill that aims to dismantle auto insurance fraud in the state. The bill, House Bill 119, passed with a vote of 85-30, receiving a great deal of support from both political parties. The bill will now contend with a similar legislation heading to the state’s Senate, Senate Bill 1860. Both bills have similar goals, but seek to accomplish them in differing ways. Governor Rick Scott, who has made insurance fraud a top priority this legislative session, says that the ultimate goal…
Read MoreGlobal insurance programs have significant challenges to overcome if they want to be viable
The global insurance industry is an ardently regulated entity. Most nations have strict laws and rules concerning insurance and have a great deal of interest in applying these regulations as a way to govern the actions of insurance companies. The problem, however, is that these regulations differing wildly from country to country, meaning that no two countries have the same regulations. As such, creation of global insurance programs has been a gargantuan challenge, and one that cannot be easily overcome through tenacity. As with other industries of business, insurance is…
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