New Year Will Get Off to Fast Start
The ball has barely finished dropping in Times Square as the world of Florida insurance begins to pick up steam in 2013. The legislature’s annual 60-day session begins March 5, 2013. However, the legislature will hold committee meetings leading up to the session (and in fact had some meetings before the holidays). A few bills have been filed, and some of the significant policy initiatives are starting to take shape. However, the activity leading up to the 2013 session thus far pales in comparison to what we will see in the coming weeks.
We know that Florida’s implementation (or perhaps lack thereof) of the Affordable Care Act will be a significant issue. Florida was one of many states delaying efforts to implement the new healthcare law pending the outcome of the 2012 presidential election. With the act now here to stay, policymakers are wrestling with its requirements and determining how Florida will implement it.
Citizens Property Insurance Corporation also will be a significant focal point for the 2013 legislature. Many legislators seem interested in reducing its size, but how to do that is a different story. The most obvious solution is limiting the amount of new business Citizens takes in by having its rates more comparable to those in the private market. However, some policymakers don’t view this as an attractive options, leaving them hoping for a “silver bullet” that hasn’t yet surfaced.
This year promises to be another active year following policymakers’ efforts to address issues in the Florida insurance market. We will monitor these issues and keep our website current with the most recent proposals.