Collaboration Among Insurance Stakeholders is Critical Element when Addressing AOB Abuse
Today marked the end of the 2019 OIR Summit where more than 250 attendees from 19 different states joined Florida’s top insurance leaders and regulators for a variety of in-depth discussions on regulatory updates, innovative products and ways in which assignment of benefits (AOB) abuse impacts Florida’s consumers.
Photo Credit: Florida Office of Insurance Regulation
Addressing Florida’s assignment of benefits crisis was a commonly discussed theme throughout the entirety of the event – with emphasis on the need for a collaborative approach that involves all stakeholders. Insurance Commissioner David Altmaier presented during the Florida’s Regulatory Landscape and Addressing Florida’s AOB Crisis session, highlighting crippling trends that have been monitored by the Office of Insurance Regulation (OIR) for more than three years.
Following his AOB abuse presentation, Commissioner David Altmaier stated:
“Some may say this is a conversation about insurers. Some may say this a conversation about attorneys. In reality, this is a conversation about consumers and the steps that need to be taken to protect Florida’s policyholders. My office looks forward to joining all parties in a discussion with a sole focus on doing what is best for Floridians while making sure consumers remain at the forefront of our conversations.”
Additional highlights from the 2019 OIR Summit included Keynote Addresses from Senator Jeff Brandes and Insurance Thought Leadership’s Guy Fraker as well as Tasha Carter, Director of CFO Jimmy Patronis’ Division of Consumer Services. Additional topics covered during the two-day event included Florida’s role as a national leader in private market flood insurance expansion, regulatory approaches involving the use of analytics and innovative products and OIR’s forms and filings procedures.