OIR Publishes Information on AOB
The Florida Office of Insurance Regulation has posted information pertaining to the assignment of benefits (AOB) issue on its website at:
The web page includes media coverage of the issue as well as the OIR’s projections of the rate impact on Floridians over the next five years if legislative reforms are not enacted.
The OIR has supported AOB reforms in the current legislative session. In particular, the OIR has told legislators that the key to stemming the increase in losses, and rates, is to specify that Florida’s one-way attorneys’ fee statute is available only to insureds and not to commercial third parties who obtain the rights of insureds through assignments.
At the halfway point of the 2017 legislative session, bills addressing the AOB problem remain alive but no bill that has moved thus far addresses the core issue of incentives to litigate.