Live Insurance News

Gov Desantis signs Florida insurance bill to stabilize the state’s property market

December 22, 2022December 21, 2022 Nordstrom

The intention is to bring stability to the crumbling market, but whether it will work has yet to be seen. Governor Ron DeSantis (R) has signed a new Florida insurance bill into law with the hopes of bringing considerably greater stability to a market that has been experiencing a downward spiral, particularly this year. How much it will work and, if so, when it will have an impact, will be interesting to watch. Among the primary goals of the bill was to help deter Florida insurance claims from ending up…

Florida insurance bills take steps nearer to becoming law

February 21, 2022February 17, 2022 Marc

Two bills meant to overcome the challenges to the industry in the state have moved ahead. Two Florida insurance bills taking aim at the rapidly rising homeowners and property rates have moved a step closer to becoming law in the state, having passed a key Senate subcommittee. Senate Bill 1728 was sponsored by Senator Jim Boyd (R-Bradenton). SB 1728 received overwhelming support in a vote by the Subcommittee on Agriculture, Environment and General Government of the Senate Appropriations Committee. The bill aims to make a string of changes. The largest…

Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

January 14, 2013January 14, 2013 Julie Campbell

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…

Auto insurance reform injunction in Florida halted

January 9, 2013January 9, 2013 H. Cutner

A federal judge has denied the progress of the process that could have blocked the PIP changes. A federal judge has just ruled to stop an injunction designed to impede the personal injury protection (PIP) reforms to the auto insurance law in Florida, which had only just been enacted last year. Supporters of the reform feel that this decision was an important victory for vehicle coverage in the state. As a part of U.S. District Court Judge Richard Lazzara’s ruling, he refused to grant requests for an injunction that were…

Florida legislators back new bill that will reform the state’s no-fault auto insurance laws

March 2, 2012March 2, 2012 S.Vagus

As auto insurance fraud is thrusted into the limelight by the actions of federal and state regulators this week in New York, the eleven other states that host no-fault insurance laws are taking a hard look at what can be done to make fraud a less serious issue. Florida is currently the leader in terms of auto insurance fraud, much of which is spurred by the state’s no-fault laws. These laws require insurers to pay benefits to victims of car accidents no matter who may be at fault. Like in…