The National Association of Insurance Commissioners has announced that New Jersey drivers may see their rates jump higher for the first time in years. The Association notes that the increase is due to the ramping costs of the state’s personal injury protection (PIP) policies. The Association has released a report which shows that the last time auto insurance rates rose was in 2009, when PIP rates rose to $1,218. No news on how much the new rates will be has yet been released. Many states have laws that require drivers…
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Florida has yet to find an auto insurance reform consensus among the many opinions
Tallahassee, Florida Republicans have been reviewing a large number of competing proposals in the effort to introduce significant reforms to the state’s auto insurance system, but there doesn’t seem to be a direct or simple solution to be found. The lawmakers are currently struggling to find ways to make changes to the current no-fault auto insurance law in the state. At the moment, drivers are legally required to carry at least $10,000 in personal injury protection (PIP) coverage. This protection is no-fault in the state, which means that insurers are…
Read MoreGovernor Rick Scott addresses insurance fraud issue in Florida
Governor Rick Scott spoke in his state of the state address about the importance of reforms to Florida’s no fault auto insurance system, aimed to significantly reduce the fraud abuse which is currently rampant within it. According to Scott, the cost of fraud to the people in the state is an estimated $900 million. In his address, he said that “If we do not act, the Office of Insurance Regulation predicts that costs for consumers will continue to spiral out of control.” He also claimed that the premiums that are…
Read MoreInsurance reform takes a backseat in Florida Legislature, Insurance Council continues to press forward with changes
As insurance reform loses momentum amongst legislators, the Florida Insurance Council says that it will continue pushing for major changes to the state’s regulations and the Citizens Property Insurance group. Reform has fallen to the wayside in the current session of the state’s Legislature, which will begin next week. While lawmakers focus more on budget and redistricting, the much needed insurance changes are not to be considered until the next legislative session, which will happen much later in the year. The Insurance Council is pushing for changes to the state’s…
Read MoreFlorida legislators feeling pressure to solve the fraud plaguing the state’s insurance industry
Florida Governor Rick Scott is pressuring lawmakers to make changes to some of the state’s auto and property insurance laws. The Governor claims that these laws are each costing consumers millions of dollars. Legislators have been trying to find a resolution for the issue for over a decade but have so far been unable to make any headway. Governor Scott is now pushing for a solution to be found quickly to prevent further financial stresses falling upon consumers. State law requires Floridian drivers to purchase personal injury protection. The issue…
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