Florida Insurance Commissioner David Altmaier today issued the following statement in response to Chief Financial Officer (CFO) Jimmy Patronis calling for reforms to curb property insurance fraud.
Insurance Commissioner David Altmaier stated: “I applaud CFO Patronis’ initiative in the fight against AOB abuse. Now, more than ever, is the time for a solution to the abuse and fraud that continues to threaten the affordability of insurance in Florida.
“Not only have AOB-related lawsuits skyrocketed, but the claims associated with an AOB are 85 percent more expensive than claims without an AOB. The excessive litigation fueled by bad actors who abuse AOBs will only result in higher premiums for our consumers.
“AOB reform has remained a top priority for my office and we look forward to joining CFO Patronis in our fight to hold consumers harmless.”
For more information about this issue, visit the Office of Insurance Regulation’s (OIR) “Assignment of Benefits Resources” webpage.