The Florida insurance industry is keeping a close eye on a bill (SB 122) aimed at reigning in the contentious assignment of benefits (AOB) issue. The bill recently made its way through the final Florida Senate committee and will soon be evaluated by the full Senate, potentially as soon as next week.
SB 122 has certain provisions geared towards consumer protection, including rescission and emergency services sublimit provisions. It also includes a new rate filing requirement for Citizens Property Insurance Corp., which has increased rates for the past several years allegedly due to AOB abuse. The bill will also address the one-way attorney fee statute by incorporating a fee structure for attorneys which would determine the fee amount awarded in suits by an assignee against an insurer.
Florida Governor Ron DeSantis hasn’t stated whether he would sign this particular legislation should it pass the remaining hurdles but he has stated he would like to see AOB reform in 2019.
To read more, please visit https://www.insurancejournal.com/news/southeast/2019/04/18/524155.htm.
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