Insurers also convinced lawmakers to eliminate so-called one-way attorney fees in all but special situations.
Insurers argued for replacement of the law, saying contractors and their attorneys were using it as a cash cow by filing multiple lawsuits over the same claim.
For example, last year saw the elimination of assignment of benefits, a century-old law that allowed policyholders to assign benefits of their claims to contractors, who would then file suit against insurers. While desired by the industry, the legal revisions required companies to rewrite vast sections of their policyholder rules and regulations. Last year, there were two special legislative sessions to enact insurance reform proposals, and another set of proposals was enacted in the regular session that ended last month. Please respond to this email within the next two days stating your willingness to waive the deemer either for an unlimited period of time or provide a revised deemer date that is at least one month from the current deemer date.”Īnother reason is the number and complexity of filings that insurers have made in response to all of the new laws enacted since May 2022. Due to this increased workload, we have been unable to complete the review of your filing and we respectfully request that you waive the deemer on the filing. “As you are aware, the residential property market in Florida is under stress and the number of filings being made has increased. The backlog means the Florida Office of Insurance Regulation is sending more notices like this to insurance companies: Though the shortcomings are not immediately affecting consumers, if not repaired, policyholders could find themselves paying more than they should for insurance coverage or, if they move or buy insurance from another company, difficult to be tracked down if regulators determine they are owed refunds. As insurers project how a pile of new laws will affect profits and losses, regulators in Tallahassee are falling behind in their efforts to review and approve rate hike requests.
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