assignment of benefits News

A Quick First Look at Florida’s New AOB Bill

I have a new hobby. It compliments one of my other hobbies, reading insurance policies. What is it? I’ve started reading legislation. What a thrill to print (yes, print) 16 pages of legislation. The numbered lines, the underscores and strikethroughs. …

2 Nebraska Contractors Routinely Sue Insurers for Not Paying Storm Damage

Two Omaha contractors are expanding a legal strategy they say forces insurance companies to pay for storm damage, but industry officials say the practice leads to exaggerated claims and may drive away insurers. Home repair contractors Steve Shannon and James …

Florida Launches AOB Resource, Education Webpage for Consumers

The Florida Office of Insurance Regulation (OIR) has launched a new webpage as part of its efforts to educate Florida consumers about the state’s ongoing challenges with assignment of benefits abuse. The AOB resource webpage has been added to the …

Florida Senator Alleges ‘Smear Campaign’ After Industry-Backed AOB Bill Stalls

A bill backed by the insurance industry to curb the abuse of Florida’s one-way attorney fee statute in assignment of benefit claims has stalled as lawmakers opted to instead advance what the insurance industry and the state’s regulator feel is …

First Florida Bill Addressing AOB Introduced for 2017 Session

Florida now has legislation backed by the top Florida insurance regulator and the industry that promises to curtail homeowners insurance abuse under the assignment of benefits (AOB) feature. Senate Bill 1038, filed Feb. 17 by State Sen. Dorothy Hukill and …

Heat Is on Florida Lawmakers to Fix Assignment of Benefits Crisis

Florida’s insurance industry will apply significant pressure on lawmakers to pass assignments of benefit (AOB) reform in the upcoming legislative session as consumers face rate increases and a looming coverage availability crisis due to serious and costly abuse of the …

Demotech Suspends Florida Insurer Rating Criteria; Says Downgrades Coming

Recent Florida Supreme Court decisions and ongoing abuse in Florida’s insurance market have led a ratings company to change the criteria it uses when rating insurers in the state. The announcement comes as insurers get ready to announce their 2016 …

Top Florida Stories of 2016: The AOB ‘Insurance Crisis’

Assignment of benefits abuse has become such a well-known problem in the state of Florida this year that it now just goes by the nickname “AOB.” The issue with AOB comes from when a policyholder suffers a loss, such as …

Florida’s Citizens to Lawmakers: AOB Reform Must be Passed in 2017

Florida lawmakers can expect substantial pressure to tackle the assignment of benefits (AOB) and water loss claims crisis from the state’s insurer of last resort when Florida’s legislative session begins early next year. At a governing board meeting Wednesday, leaders …

Florida Regulators Approve Rate Increase for Citizens Policyholders

The Florida Office of Insurance Regulation approved a 6.4 percent overall rate increase for 2017 for Citizens Property Insurance Corp. homeowners’ multiperil policyholders across the state. According to Citizens, the increase is necessary to address what it calls a disturbing …