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- PCI Issues Statement on Subcommittee Addressing Assignment of Benefits
TALLAHASSEE—Logan McFaddin, state government relations counsel for the Property Casualty Insurers Association of America (PCI), issued the following statement in response to today’s workshop regarding Assignment of Benefits.
“Today’s Florida House Insurance & Banking Subcommittee workshop regarding assignment of benefits addressed an issue that greatly impacts Florida consumers. While this is a complicated issue, ongoing discussions are needed to arrive at a solution that protects consumers, and PCI appreciates the subcommittee for starting this dialogue.
PCI and our members believe it’s critical that following any catastrophic event, homeowners should first contact their insurance agent or claims adjuster before signing any documentation represented by a third party contractor. We look forward to working with key stakeholders and the Legislature to forge a solution that safeguards policyholders from fraudsters attempting to inflate claims costs, thereby leaving homeowners and insurers suffering through unnecessary litigation.”
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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