With a Florida legislative battle brewing again about the issue, an appeals court has ruled against a property insurer's effort to place restrictions on a controversial practice known as “assignment of benefits.”
The Fifth District Court of Appeal, in an eight-page ruling Friday, upheld a decision by the Florida Office of Insurance Regulation to reject restrictions proposed by Security First Insurance Co.
|Driving up property-insurance premiums
The ruling was another blow to the insurance industry, which has blamed assignment of benefits for driving up property-insurance premiums, but has been unable to persuade lawmakers to make changes to the long-standing practice.
A three-judge panel of the appeals court pointed to past legal rulings about assignment of benefits and said it was up to the Florida Legislature to decide whether to make changes.
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