ORLANDO, Fla. — Thursday’s meeting comes as the industry grapples with reforms here in Florida.
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Florida has passed laws in recent years, making it harder for attorneys to sue insurance companies.
About 250-thousand lawsuits were filed against insurance companies, at least a 40% decline.
Lawmakers and industry leaders blamed “frivolous lawsuits” for skyrocketing rates and why insurers are leaving the state.
The Insurance Commissioner, Michael Yaworsky, said he’s working on giving state insurance regulators more power.
The number of Floridians insured by the state backed insurer, Citizens, fell below 1 million last month and more private insurance companies have moved to the state.
Actors in this space during the course of the crisis received billions upon billions of policyholders’ dollars that should have been going to pay claims or build reserve or should have gone back to the policyholders. It’s far more efficient to a regulatory structure than one lawsuit after another and each can cost millions.
— Michael Yaworsky, Insurance Commissioner
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