Demotech Suspends Florida Insurer Rating Criteria; Says Downgrades Coming
Recent Florida Supreme Court decisions and ongoing abuse in Florida’s insurance market have led a ratings company to change the criteria it uses when rating insurers in the state. The announcement...
View ArticleFlorida’s AOB Abuse by the Numbers: ‘Alarming Trend’ Reaches Crisis Point
Assignment of benefits abuse has escalated over the last five years to the point where it is now a serious disruption to Florida’s insurance market. The abuse, which is especially rampant in South...
View ArticleCitizens Posts Net Loss of $27M for 2016; Says Water Losses, AOB Abuse to Blame
Citizens Property Insurance Corp. will post a net loss for 2016, its first loss in more than a decade, as water loss claims, assignment of benefit (AOB) abuse and litigation costs increasingly impact...
View ArticleCitizens Seeks Florida Agents’ Help Fighting Water Claims Abuse
As the Florida property market fights what has so far been a losing battle against attorneys and unlicensed contractor firms over water loss claims and assignment of benefits (AOB), Citizens Property...
View ArticleFlorida House Advances Bill Targeting Claims Abuse, But Senate Battle Looms
A bill aimed at decreasing insurance claims abuse in Florida has made it through the Florida House, and the industry’s hope for assignment of benefits reform now officially rests with the state Senate....
View ArticleFlorida Lawmakers Once Again Fail to Pass AOB Claims Reform
Florida lawmakers have once again let slip an opportunity to address insurance claims abuse, as legislation failed to make it through the Senate before the 2017 legislative session ended Friday. This...
View ArticleFlorida’s Citizens Approves Policy Changes, 5.3% Statewide Rate Increase for...
Homeowners in South Florida, as well as in many other parts of the state, should expect additional rate increases next year from the state-run insurer of last resort. Citizens Board of Governors...
View ArticleOpinion: Floridians Will Pay More For Less Under Citizens Managed Repair Program
Florida is famous for its catastrophic hurricanes, however, we also have our fair share of daily claims such as fire, vandalism and water losses. Florida is now becoming known for what is referred to...
View ArticleFlorida’s Citizens CEO Gilway Responds to Claims About Managed Repair Program
The following letter to the editor was written by Citizens Property Insurance Corp. President, CEO and Executive Director Barry Gilway in response to an opinion piece from the Florida Association of...
View ArticleFlorida Insurers Place All Options on Table to Address AOB Abuse
Florida’s home insurers hope the public doesn’t blame them as they implement rate increases, initiate coverage changes and nonrenew policies. They say they have no choice after the Florida Legislature...
View ArticleFlorida Regulators Set Date for Citizens Public Rate Hearing
The Florida Office of Insurance Regulation (OIR) announced it will conduct a rate hearing on Aug. 31, 2017 to receive public comment on Citizens’ proposed rate changes for its business in the Coastal...
View ArticleFlorida on Alert for AOB Abuse as Irma Recovery Begins
As Florida residents return home after being evacuated by Hurricane Irma, the pressure is on the insurance industry to keep a bad situation regarding assignment of benefits abuse in the state from...
View ArticleFlorida’s Citizens Expects Policy Count Increase in 2018, Plans Claims System...
Citizens Property Insurance Corp., the Florida state-run insurer of last resort, is anticipating its policyholder count will increase in 2018 for the first time since its efforts to shed policies...
View ArticleAssignment of Benefits Abuse Tops Florida News for 2017
Florida’s ongoing battle with assignment of benefits (AOB) claims abuse was not a new topic in 2017, but it was certainly one of the hottest ones for Southeast readers. From threats of insurer ratings...
View ArticleReport Shows Florida AOB Abuse Worsening as Lawmakers Consider Reforms
The 2018 Florida Legislative Session is underway, and lawmakers have wasted no time taking up legislation to address the assignment of benefits crisis plaguing the state. While they debate which reform...
View ArticleFlorida Agents March on State Capitol in Lawmaker Push to Reform AOB
Insurance agents from across Florida marched together on the state’s capitol Wednesday to deliver a message to Florida lawmakers: It’s time for assignment of benefits (AOB) reform. Carrying signs that...
View ArticleAttorney, Vendor AOB Lawsuits Top Insurance Litigation in 2017: FJRI Report
Litigation from the abuse of assignment of benefits by third parties represented more than half of all Florida insurance litigation in 2017, and without a legislative fix those fueling the abuse will...
View ArticleDemotech Holds-Off on Affirming ‘A’ Ratings for 16 Florida Insurers
A company that rates many Florida property/casualty insurers believes hurricane losses and assignment of benefits litigation during 2017 could affect some insurers’ financial ratings. Ratings company...
View ArticleDemotech Affirms ‘A’ Ratings of Florida Insurers
Demotech will not downgrade any of the 16 Florida homeowners insurers that it said earlier this year could face financial stability ratings (FSRs) adjustments because of hurricane losses and assignment...
View ArticleFlorida AOB Reform Efforts Fail Again as Parkland Tragedy Derails Legislative...
With over 900 items on the Florida legislative docket and only 60 days to consider them, it’s not surprising that many bills simply die in committee or are never seriously considered. Add to that a...
View ArticleI.I.I. Study Cites AOB Abuse for Increasing Insurance Costs In Florida
A new study released by the Insurance Information Institute (I.I.I.) finds that Florida’s assignment of benefits (AOB) crisis has cost consumers billions of dollars in unnecessary litigation and...
View ArticleCitizens to Request 8.2% Rate Increase from Florida Regulators
Citizens Property Insurance Corp. will file for a statewide average increase of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters. The Florida insurer of last...
View ArticleFlorida’s Citizens Revises 2019 Rate Filing; Will Request 2.3% Statewide Rate...
Citizens Property Insurance Corporation’s Board of Governors has approved a revised 2019 rate proposal that the company said reflects recent legislative changes that targets the ongoing abuse of...
View ArticleChallenges Facing the Florida Insurance Market: A Reinsurer’s Perspective
Hurricanes Irma and Michael served as a reminder that Florida, more than any other state, is at risk of one of the most intense natural perils, namely hurricanes. The existence of a stable insurance...
View ArticleFlorida Supreme Court Suspends Attorney Behind Thousands of Insurer Lawsuits
The Florida Supreme Court has granted an emergency request by The Florida Bar to immediately suspend an attorney who, with his firm, has filed thousands of assignment of benefit and first party...
View ArticleFlorida’s Citizens Accuses Embattled Law Firm, Others of Sham Lawsuits,...
Florida’s state-run Citizens Property Insurance Corp. has joined a chorus of insurance companies accusing the Strems Law Firm of lawsuit abuse. Citizens says it has lost millions of dollars due to an...
View ArticleSuspension of Florida Lawyer Accused of Causing ‘Great Public Harm’...
A Florida judge has recommended the Florida Supreme Court deny the motion to dissolve the suspension of a Florida attorney who, with his firm, has filed thousands of assignment of benefit and first...
View ArticleFlorida High Court Rejects Strems Bid to Dissolve Suspension; Contempt...
A Florida attorney accused of causing great public harm through a “vast campaign of unprofessional, unethical, and fraudulent conduct,” by way of thousands of insurer lawsuits has lost his latest...
View ArticleFlorida Attorney Behind Thousands of Insurer Lawsuits Violated 14 Bar Rules:...
Embattled Florida attorney Scot Strems, who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over the last several years, has been...
View ArticleJudge Finds Strems Guilty of Misconduct; Advises 2-Year Suspension, Probation
After finding Florida attorney Scot Strems in violation of numerous rules regulated by The Florida Bar last month, the court-appointed referee overseeing his case has recommended a 24-month suspension...
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