BY JIM TURNER
The News Service of Florida Published: February 24, 2016 TALLAHASSEE —
A new effort is underway in the Florida Senate to further regulate a controversial practice that property insurers say is leading to rate increases. The Senate General Government Appropriations Subcommittee on Wednesday unanimously approved a proposal (SB 1248) dealing with the practice known as “assignment of benefits.” The state-backed Citizens Property Insurance Corp. and Lt. Gov. Carlos Lopez-Cantera have raised concerns the industry is on the verge of a crisis unless action is taken. The proposal is considered a placeholder as lobbyists and lawmakers continue working on the issue. Earlier efforts (HB 1097 and SB 596) to tackle the issue, which divides trial lawyers and the insurance industry, stalled. But Lopez-Cantera and Citizens have been raising alarms during the past week, as the legislative session draws closer to its March 11 end. Lopez-Cantera told senators that problems with assignment of benefits have been growing for years without legislative action and are leading to higher premiums for property owners. – Read Full Article
