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- PCI Issues Statement on Senate Banking & Insurance Committee Passing Assignment of Benefits Legislation
TALLAHASSEE, Fla. - Logan McFaddin, state government relations manager for the Property Casualty Insurers Association of America (PCI), issued the following statement in response to the Senate Banking and Insurance Committee’s passage of Senate Bill 596.
“PCI thanks Senator Hukill and the Senate Committee on Banking and Insurance for taking action to address Assignment of Benefits abuse in Florida’s legal system. AOB fraud and abuse is a critical issue impacting families and businesses and could lead to higher insurance costs for all consumers. In recent years, unscrupulous lawyers and vendors have used AOB to take control of a homeowners’ policy, inflate claims costs, file expensive lawsuits against insurance companies and drag homeowners through unnecessary litigation. AOB reforms are needed to protect policyholders from these fraudulent and abusive practices.
“PCI fully supports Senate Bill 596 as it protects Floridians from AOB fraud and abuse while maintaining a viable insurance market. We will continue to work with lawmakers to ensure legislation is passed and consumers are protected.”
- 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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