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The Independent Insurance Agents & Brokers of America (IIABA) trade association has urged President Trump to sign the bill.
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The legislation now passes to the state’s Assembly.
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The law was approved by the Florida legislature in late April.
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The main point of concern has been over lawyers' ability to find new ways around the clampdown on the AOB regime that has led more claims to court.
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This will have implications for Allstate, State Farm, USAA and other insurers which have sued the utility over Camp Fire losses.
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The “limited purpose insurer” framework is designed to operate complex collateralised reinsurance vehicles.
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The framework introduced by the BMA last July allows companies to test new technologies and products on customers in a controlled environment.
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Under the new laws, the insurer has a 10-day timeframe to complete its investigations before legal action can be brought.
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The fund currently has a 5 percent cap on reimbursements for loss adjustment expenses.
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A no-deal Brexit could send pension deficits back towards previous highs, Mercer said.
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The ratings agency president welcomed the legal change but said Demotech will monitor court challenges to the new law.
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CEO Downes stressed it was too early to say how the new law will impact insurance pricing.