Breaking News—Florida Senate Proposes New Insurance Legislation

After passing the most favorable insurance company legislation—which led former President Donald Trump to call out his fellow Republican leaders for selling out the insurance industry—the Florida Senate this afternoon crafted some new proposed insurance laws aimed at helping Floridians.   

I have read the bill very quickly, and it has favorable language. The bill’s enforcement is not left in the hands of the policyholder but is up to the government regulators. Fines are increased and addresses a number of wrongful practices that were discussed in the Washington Post article I noted in Insurance Company Corrupt Claims Culture Exposed by Washington Post.    

The bill makes the practice of field adjuster estimates being changed without explanation illegal and subject to penalties. The desk adjuster will have to explain the reasons for the changes and who made the changes. This is a good change in the law. Modifications to estimates will normally be made in good faith to reflect greater accuracy. This law helps that good faith to occur by requiring a transparent explanation to the policyholder.

So, when does this proposed bill have a public hearing? Wednesday morning in Tallahassee. Politics and law-making in Florida is like nowhere else. Making law at the last minute with little chance for reflection is certainly less than ideal.

For readers, and especially those in Florida, I am posting this blog after waiting and watching for the bill all day. I will have more to say after I read it in greater detail.

Thought For The Day  

The ballot is stronger than the bullet.

—Abraham Lincoln