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Following Hurricane Debby, Florida Chief Financial Officer (CFO) Jimmy Patronis warned consumers about contractors using agreements designed to circumvent Florida’s prohibition against assignment of benefits (AOBs). In recent years, contractors’ widespread use of AOBs contributed to elevated losses, loss adjustment expenses and litigation in the Florida property insurance market. The Florida legislature included a prohibition […]
The Florida legislature passed significant property insurance reforms in its December 2022 special session. Governor Ron DeSantis promptly signed these reforms into law, with many taking effect immediately upon the law’s effective date. However, a key change related to assignments of benefits (AOB) begins to have its real impact in the new year. For many […]
The new year brings the initial reporting period for a new closed claim reporting obligation applicable to residential property insurers. In the 2021 legislative session, the Florida Legislature adopted SB 76 which, among other things, amends Section 624.424 pertaining to insurers’ annual statements. The new requirement specifies that beginning January 1, 2022, each authorized residential […]
The Florida legislature is returning to Tallahassee and preparing for its upcoming 2021 legislative session. Several key legislative committees hold hearings this week including the Senate Banking and Insurance Committee. The agenda for this week’s Banking and Insurance Committee meeting consists of presentations by Insurance Commissioner David Altmaier and President and Chief Executive Office of […]
Florida’s Second District Court of Appeal has upheld the ability of a policyholder to make multiple assignments under a homeowners insurance policy. Nicon Construction v. Homeowners Choice Property and Casualty Insurance Company involved a policyholder’s issuing assignments of benefits to two separate vendors. The insurer argued that upon the policyholder’s assigning the policy rights to […]
