TALLAHASSEE -- Although Florida’s assignment of benefits reform came into effect July 1, the state’s Office of Insurance Regulation sees a long road ahead before changes in the state’s insurance policy will trickle down to consumers.
Two special interest groups, the National Federation of Independent Business and Citizens Against Lawsuit Abuse, recently published a study in which they allege direct lawsuit costs to the Sunshine State of approximately $7.8 billion. According to NFIB Executive Director Bill Herrle, Florida’s direct cost of litigation has an estimated $11.8 billion in gross state product across 12 metropolitan statistical areas (MSAs).
The passing of the assignment of benefits reform at this year’s Florida legislative session will have a far bigger impact than just tort reform according to lobbying firm National Federation of Independent Business. For Bill Herrle, the group’s executive director, the passing of the legislation means Florida state can move past a necessary, but time-consuming milestone, and eye broader and much-needed reform in 2020.