Regulatory Reform Transition Team Releases Summary Document
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather than facilitating progress. The summary suggests that Florida’s functional regulation of many professions and industries is characterized by regulatory “silos” that operate independently and sometimes overlap. The transition team believes the new administration should work toward a more uniform, comprehensive approach that will result in a common mission for Florida’s regulatory agencies.
Among the administration’s first steps, the transition team recommends defining Florida’s role in the global economy. The administration then should align its regulatory processes with the state’s goals, eliminating redundant regulatory schemes and creating a process that leads to fast, fair and final regulatory outcomes.
The summary document contains several bullet points relating to the insurance industry but no details. The bullet points indicate that Governor Scott’s administration will have its eyes on potential reforms relating to Citizens Property Insurance Corporation, the rating law, wind mitigation discounts, and the Florida Hurricane Catastrophe Fund. The document also mentions the need to review Florida’s PIP laws and the current sinkhole insurance crisis. More generally, the report mentions bad faith reform as a component of improving Florida’s business environment.