This week, Triple-I is taking a deeper dive into impactful Florida legislation and a misguided Florida investigation that could jeopardize the positive progress the 2022 and 2023 reforms have made to bring down consumer costs and frivolous lawsuits in the state.
Evidence shows in the two years since Gov. Ron DeSantis signed historic tort reform legislation HB 837 into law, out-of-control litigation is down 40% in the Sunshine State, homeowner insurance premiums have stabilized, and 11 new property insurers have entered the market, while many national insurers are expanding their market share. Florida even had the lowest average rate filing increase in the U.S. last year at just 1%, according to S&P Global Market Intelligence.
- HB 451/SB 554: Provides an incentive for billboard lawyers to file frivolous lawsuits as it would require insurers to pay attorney fees.
- HB 947/ SB 1520: Removes key 2023 transparency in damages provisions requiring juries to be informed of medical costs. Eliminating this requirement allows unscrupulous attorneys to game the system and increase litigation costs.
- HB 1437/SB 1840: Reinstitutes attorney fee awards for Florida’s personal injury protection system, incentivizing excessive litigation and driving auto insurance rates upward.
- HB 1551/ SB 426: Brings back one-way attorney fees for insurance cases, which were eliminated following 2022 reforms.
One of these bills, HB 1551, passed a Florida House subcommittee last week in a 16-1 vote and is expected to pass other House committees and move to a full floor vote. However, Senate leadership and Gov. DeSantis remain opposed to the legislation.
In conjunction with the anti-tort reform legislation, a misguided Florida House investigation proports that insurers are causing costs of coverage to increase by moving revenues to managing general agents and affiliates. When really, it’s the billboard attorneys and excessive lawsuits that are increasing prices for everyone. Read Triple-I CEO Sean Kevelighan’s latest blog to learn more about the investigation.
In light of this investigation and efforts to sweep the devastating impacts of legal system abuse under the rug, legislative and advocate opposition to this legislation is paramount. Florida lawmakers must stay the course to ensure the successful legal reforms enacted over the past few years remain intact and protect consumers and businesses.
Explore Further:
- For more in-depth analysis on legal system abuse and social inflation, visit Triple-I’s knowledge hub and StopLegalSystemAbuse.org microsite.
- Discover more about the impact of legal system abuse in Florida by reading Triple-I’s latest Florida Issues Brief.
- Please share this information with your Florida employees, as well as your agents and brokers throughout the state, to make your voice heard.