Governor signs bill aimed at remedies for ailing property insurance market – Villages-News

Gov. Ron DeSantis signed a bill Friday aimed at remedies for Florida’s ailing property insurance market. He also signed a bill for $750 million for additional disaster relief to Floridians following Hurricanes Ian and Nicole.

“The issues in Florida’s property insurance market did not occur overnight, and they will not be solved overnight. The historic reforms signed today create an environment which realigns Florida to best practices across the nation, adding much-needed stability to Florida’s market, promoting competition, and increasing consumer choice. I am thankful the Legislature answered the call for meaningful reform,” the governor said at the signing ceremony.

Gov. Ron DeSantis signed the bills on Friday.

The governor said the new law will:

• Eliminate one-way attorney fees for property insurance claims, which will disincentivize frivolous lawsuits, and realigning Florida’s market to best practices that will promote more market competition in the private insurance industry.

• Reduce the burden of excessive and “predatory” litigation. 

•Enhance the Office of Insurance Regulation’s ability to complete market conduct examinations of property insurers following a hurricane to hold insurance companies accountable and prevent abuse

• Reduce timelines for insurers to get payments out the door and back

• Build on reforms passed earlier this year by committing additional funding to provide temporary reinsurance support to help stabilize our market. 


The original article can be found here