The James Madison Institute (JMI), based out of Tallahassee, released a report on insurance this week, calling for some reforms to “ensure the long-term health and stability of Florida’s insurance market.
On Tuesday, JMI released “Finding the Right Lane: Next Steps for Florida in Practical Insurance Reform” from Christian Cámara, an adjunct scholar at JMI, which focused on bad faith laws and personal injury protection (PIP).
“This new policy brief describes how property and auto insurance rate increases have stemmed from stakeholders exploiting vulnerabilities in the law. The brief also summarizes the Florida Legislature’s actions in 2019 to curb property insurance fraud and abuse, and recommends ways policymakers can build upon those reforms to bring similar clarity to the state’s auto insurance system,” JMI noted.
“With a population growth rate of more than 900 per day, it is imperative that Florida maintain a business climate that is supportive of free enterprise and forward thinking in adapting to the needs of Floridians. It’s why we are thankful for partnerships with groups like the Florida Chamber in the policy discussions that lie ahead,” said Sal Nuzzo, JMI’s vice president of policy.
“After six years of failing to address a festering AOB crisis, the seventh year was the charm for the Florida Legislature, which finally enacted sensible reforms aimed at protecting consumers and tackling the fraud, abuse, and unnecessary litigation that were driving up property insurance rates for over a decade. Lawmakers should build upon last year’s meaningful AOB reforms by tackling the unnecessary auto insurance rate increases plaguing Florida drivers,” said Cámara.
Nuzzo and Cámara both spoke at the Florida Chamber of Commerce’s Insurance Summit this week.