It’s about time! The only people who will be hurt by this legislation are the lawyers who salivate at the chance to reach into the deep pockets of an insurance company, even for spurious claims, knowing a settlement will guarantee their “fair” share of the proceeds. I doubt highly that families will suffer because the only ones seeking “justice” are their attornies….Yes, I know, it is NEVER about the money, but justice. This should never have been a partisan issue. Folks with a need to sue, will still be able to do so, but this will certainly put the brakes on looking to cash in. I know for a fact that a whole book of business went south for a company, where more than 70% of the claims filed were closed without payment, but the attorney’s fees were still in the millions. Where is the justice in that? I usually don’t agree with conservatives, but this is just common sense, not politics.
Your rates will go down 40% and so will your commissions. We did this in the Workers Comp line here in Florida in 2004. Our income has been dropping for this line ever since.
Higher claims, the higher the premium. The higher the premium, the higher your commissions. Sorry but this is just economics. Dont celebrate just yet!
This is another law that looks good on paper but is a disaster. First, there is no empirical evidence this will reduce premiums. Just look at other states. Second, the law is not releaving a party who is not at fault, but rather a party who was involved in possibly seriously injuring or killing someone. Third, where are the people who are injured going to get their assistance? Guess? Through public assistance which means that the public will pay for it, not the tortfeasor who is responsible.
It’s about time! The only people who will be hurt by this legislation are the lawyers who salivate at the chance to reach into the deep pockets of an insurance company, even for spurious claims, knowing a settlement will guarantee their “fair” share of the proceeds. I doubt highly that families will suffer because the only ones seeking “justice” are their attornies….Yes, I know, it is NEVER about the money, but justice. This should never have been a partisan issue. Folks with a need to sue, will still be able to do so, but this will certainly put the brakes on looking to cash in. I know for a fact that a whole book of business went south for a company, where more than 70% of the claims filed were closed without payment, but the attorney’s fees were still in the millions. Where is the justice in that? I usually don’t agree with conservatives, but this is just common sense, not politics.
Is there a prediction on how much ins rates will drop now? Did this law require a 25% rate reduction of any kind — I hope so!
Nicely said Stat Guy, Nicely said…..
Your rates will go down 40% and so will your commissions. We did this in the Workers Comp line here in Florida in 2004. Our income has been dropping for this line ever since.
Higher claims, the higher the premium. The higher the premium, the higher your commissions. Sorry but this is just economics. Dont celebrate just yet!
This is another law that looks good on paper but is a disaster. First, there is no empirical evidence this will reduce premiums. Just look at other states. Second, the law is not releaving a party who is not at fault, but rather a party who was involved in possibly seriously injuring or killing someone. Third, where are the people who are injured going to get their assistance? Guess? Through public assistance which means that the public will pay for it, not the tortfeasor who is responsible.