Florida Insurance Commissioner David Altmaier issued the following statement regarding the Insurance Information Institute’s (I.I.I.) report released yesterday highlighting its perspective on the current state of Florida’s assignment of benefits (AOB) crisis.
Insurance Commissioner David Altmaier stated:
“The findings outlined in the recent report from I.I.I. should come as no surprise. The current AOB trend and its repercussions have been identified and now, more than ever, is the time for a legislative solution. My office’s 2015 and 2017 data call reports identified various alarming trends that have been reiterated by I.I.I.’s most recent report. AOB abuse is rampant, spreading across our state and, if left unchecked, will serve to be one of the most destructive market trends currently facing policyholders.
“We cannot wait any longer to address the systemic abuse of AOB agreements which continue to threaten the pockets of policyholders across our state. I will continue to make AOB reform a top priority, support legislation that addresses AOB abuse, and fight to hold consumers harmless.”
For more information, visit OIR’s “Assignment of Benefits Resources” webpage here.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website.