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January 11, 2019

Florida House Chairwoman: “I Think We’re There” on AOB Reform

The chairwoman of the Florida House Insurance & Banking Subcommittee said she thinks “we’re there” on assignment of benefits (AOB) legislation, Florida Politics reports.

Cyndi Stevenson, who represents an area outside Jacksonville, said there is “a lot of willingness to solve the problem that real people are experiencing” with assignment of benefits, which state regulators have blamed for the state’s rising home insurance premiums. The number of AOB-related lawsuits has jumped from 405 in 2006 to over 28,000 in 2016. Though a cap on the state-backed insurance company limits an increase to 8.5 percent, the article says actuarial data supports increases as high as 25.2 percent.

Stevenson said there is “a lot of consensus around the importance of resolving assignment of benefits.”

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