Florida lawmakers have new plan for insurance crisis: 'Insurer accountability'

[Zorro]

The legislation is an acknowledgement that property insurers have received a light touch from regulators.

After years of giving Florida’s homeowners insurance companies largely what they wanted in an effort to stem rapidly rising premiums and insurer insolvencies, state lawmakers introduced a new approach this week: “insurer accountability.”

That’s the title of a new bill that would increase fines for bad behavior by insurance companies, require them to report more information to the state and follow “best practices” for handling claims.

Property insurance companies would also be prohibited from dropping a policyholder until the repairs on their home have been completed.

“If there’s bad actors out there, we’re going to hold them accountable,” said the bill sponsor, Sen. Travis Hutson, R-Elkton.

https://www.tampabay.com/news/florida-politics/2023/04/05/florida-insurance-legislature-insurers-accountability-premiums-homeowners/

Another bandaid to look like they're doing something significant to address Florida's homeowner insurance crisis.

[lpbk2713]

1. I'll believe it when I see it.

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