As Florida continues to struggle with controversial rate increases from the state-backed Citizens Property Insurance, Governor Rick Scott has appointed two insurance professionals to serve as board members for the company. These two former insurance industry executives will serve as a catalyst for change in the company. Governor Scott has said that he wants to reduce the coverage of Citizens, enabling competition with private insurance companies. Now that Citizens board of directors is populated with members with extensive histories in the industry, Scott’s goal may now be attainable. Citizens new…
Read MoreTag: Governor Rick Scott
Florida to host a series of meetings of insurance and consumer representatives to solve problems with PIP system
The Florida state government will be facilitating a series of meetings to resolve an issue with the state’s personal injury protection (PIP) insurance law. Insurers, medical professionals, state officials and representatives from a number of consumer advocacy groups will be attending the meetings and working together to find some resolution to the issue. Currently, PIP insurance is required throughout Florida, which has spurred rampant fraud in the state. Through the meetings, the groups will conclude whether the PIP system should be reformed or abolished altogether. Fraud has plagues Florida’s PIP…
Read MoreAuto insurance fraud on the rise – a call for serious change in Florida insurance system
Florida continues to combat auto insurance fraud despite new measures introduced to combat the problem. While the number of accidents in the state is on the decline, the occurrence of fraud continues to grow. Insurance Commissioner Kevin McCarty claims that widespread fraud has led to premiums for auto insurance to soar by $900 million since 2008. The mounting problem has lit a fire beneath Governor Rick Scott, who is now petitioning the state Legislature to make changes to both the insurance industry and its regulations to put an end to…
Read MoreFlorida Legislature may be looking to change how the state’s insurance industry works as fraud continues to grow unabated
According to experts, Florida’s auto insurance industry is currently facing the possibility of changes or the outright elimination to the no-fault system, which may provide drivers who are well-insured with an appealing decrease in premiums, but may also increase the price of basic policies. In Florida, drivers must have at least $10,000 in coverage for personal injury. However, Governor Rick Scott has stated that he would prefer to make this an optional protection. Personal injury protection (PIP) system critics are saying that scam artists are provided with incentive to stage…
Read MoreFlorida opposes Affordable Care Act, Governor rejects millions in grants
There seems to be no end to the controversy birthed from health care reform. In the months leading up to the 2010 Affordable Care Act, legislators from many states rallied together to oppose the impending law. This opposition continued after the law’s passage and there are no signs of peace on the horizon. The federal law has quite a few mandates that states are required to adhere to or risk defaulting certain powers to the government, but that has not stopped Florida from rebelling against the health care law. The…
Read MoreCitizens Property Insurance of Florida heading toward privatization
Florida’s Citizens Property Insurance may be heading toward privatization. The state-run program is considered the last resort for affordable insurance coverage in the state, offering policies that other insurers shy away from at lower rates. Jim Malone, CEO of the state sponsored company, has been considering the idea for some time and has recently proposed the idea to legislators. If the program is to become privatized, the effort would take well over a year, during which time the company will no longer be able to take on additional clients. Malone…
Read MoreFlorida’s Insurance Bills and Scott’s Tort Reform
In Florida it only seems normal for issues to be a constant battle of back and forth until the time begins to run out and everyone realizes its now or never when it comes to legislature and insurance issues. The property insurance bill has yet to be passed. As for the other insurance bill that is trying to be passed, which is nothing more than a collection of administrative and regulatory changes, is on its way to the governor. But, things don’t look to bright for 2011 in this case.…
Read More