X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In the months leading up to the 2011 session, residential property insurance and motor vehicle insurance appeared poised to become significant legislative issues. Legitimate crises were evolving around both types of insurance and the need for reform was supported by quantifiable evidence, including sinkhole claims that have nearly tripled from 2006 to 2010, and motor vehicle personal injury protection (PIP) claims that have risen 28 percent (and payments over 66 percent) during the same period.

The basis for residential property insurance reform goes back to at least the 2010 legislative session. SB 2044, a comprehensive package of residential property insurance reforms designed to create a healthier private property insurance market, was broadly supported by stakeholders that included the Office of Insurance Regulation (OIR), the Florida Chamber of Commerce, and other parties. Gov. Charlie Crist, however, vetoed the bill. His veto was premised on two principal provisions in the bill—expedited rate filing for property insurers and changes to the application of mitigation discounts. Supporters of the bill roundly condemned Crist’s veto, and the legislature began work on a successor bill for the 2011 session.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.