Over the past couple weeks I had the privilege of speaking to two distinguished groups of insurance professionals. First, the Insurance Accounting and Systems Association (IASA)’s Sunshine Chapter met in Tampa for a packed day of discussion on what I will call the glue that holds an insurance company together. The attendees are insurance company leaders who do the real work of ensuring IT systems function and accounting transactions reconcile.
I also kicked off the Florida Claims Defense Network (FCDN)’s inaugural meeting in Orlando with an hour of “what’s up in the field,” with the new Assignment of Benefits (AOB) legislation taking hold and its effect on claims and litigation.
In both conferences, I was asked a recurring question and that was whether I believed the legislature will reform insurer bad faith laws in the 2020 legislative session commencing in January. Governor Ron DeSantis is seeking insurer bad faith reform, holding a press conference in the past few weeks and expressing his frustration at how litigation threatens job growth and business investments.
During the House Civil Justice Committee, chaired by Bob Rommel (R-Naples), the testimony was compelling as to why some changes need to be made. One of the speakers advocated for changes to bad faith laws versus elimination of them (more in our Legislative Committees story in this newsletter). Suffice to say claims litigation is top of mind among the majority of our industry. Keep reading for a fabulous edition this week!
LMA Newsletter of 10-21-19