Florida AOB abuse News

Commentary: How Florida AOB Crisis Is Impacting State’s Independent Agents

Florida’s “one-way attorney fee” statute enacted to protect Florida policyholders from large insurance companies has instead spawned a huge industry of assignment of benefits (AOB) predators who take advantage of policyholders and threaten the livelihood of hundreds of independent insurance …

Florida Governor Urges Lawmakers to Address AOB as Reforms Move Forward

Just over a week into the 2019 legislative session, insurance industry-supported bills aimed at reforming Florida assignment of benefits (AOB) abuse are making progress in the state legislature. Lawmakers in the Florida House of Representatives and Senate have each advanced …

Industry Awaits Florida Supreme Court Decision on Post-Loss AOB Policy Language

As Florida lawmakers weigh reform for the state’s assignment of benefits crisis, the insurance industry and regulators are closely monitoring a case addressing post-loss policy language that is currently before the state’s high court. Initial briefs are being filed in …

Demotech: Expect 2018 Catastrophe Losses to Impact Florida-Based Insurers

After reviewing the year-end financial statements of the Florida-based carriers it rates, Ohio-based ratings agency Demotech is warning that many insurers could see underwriting and operating losses in their year-end financial statements and that those insurers should be prepared to …

Will 7th Time Be the Charm? Industry Makes Big Push for AOB Reform in 2019

The push for assignment of benefits (AOB) reform in the 2019 Florida legislative session is in full swing, and the insurance industry and consumer advocates have pulled out all the stops to emphasize their contention that abuse of a policyholder …

Southeast Officials Focus on Curbing Fraud, Rising Auto Rates, Flood Insurance, Distracted Driving

For the seventh year in a row, the Florida insurance industry, regulators, and consumer advocates will push for reforms to the state’s assignment of benefits issue that has now become an insurance crisis, according to a report from the Insurance …

Insurance Journal Southeast’s Top Stories for 2018: Fraud, Hurricanes, Data Security Law

It was a busy year in the Southeast with two major hurricanes that wreaked havoc on the region, an escalating insurance crisis in Florida, and a new industry-specific cybersecurity law in South Carolina that takes effect Jan. 1, 2019. Here …

Citizens to Request 8.2% Rate Increase from Florida Regulators

Citizens Property Insurance Corp. will file for a statewide average increase of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters. The Florida insurer of last resort’s Board of Governors on Wednesday approved a 2019 rate package …

I.I.I. Study Cites AOB Abuse for Increasing Insurance Costs In Florida

A new study released by the Insurance Information Institute (I.I.I.) finds that Florida’s assignment of benefits (AOB) crisis has cost consumers billions of dollars in unnecessary litigation and inflated claim costs as the abuse continues to spread statewide. “In Florida, …

Florida Fraud Strike Team Targets Unlicensed Contractors in Panhandle

Three contractors conducting business in Leon, Gadsden, and Gulf counties have been removed from the Panhandle by the Florida Department of Financial Services’ Disaster Fraud Action Strike Team for unlicensed activity following Hurricane Michael, according to a statement from Florida …