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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market. -
The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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Several structural factors, including the pricing cycle, make insurers more insulated from US activist states.
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The committee will be chaired by Albourne Partners’ MD and Asia region head Debra Ng.
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The ratings agency placed the carrier’s ratings on negative review earlier this year, prompting broker and cedant scrutiny.
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The leadership contender is said to be privately critical of the FCA, which has been beset by strikes and delays.
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Nicole Fried cited her department’s duty to act in consumers’ best interests.
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With many local insurers essentially “zombie companies”, state legislators need to end one-way fees and assignment of benefits.
