Insurance Commissioner David Altmaier issued the following statement following today’s passage of HB 7065, sponsored by Senator Doug Broxson and Representative Bob Rommel, limiting one-way attorney’s fees related to assignment of benefits (AOB) agreements:
Commissioner Altmaier said:
“OIR’s main focus is to work towards decreasing insurance costs for consumers living in Florida, while balancing the solvency needs of companies operating in Florida. The passage of HB 7065 is a significant step towards stemming the insurance product affordability and availability crisis that has grown from years of compounding AOB abuse.
“To Chair Broxson and Chair Rommel, Senator Simmons, President Galvano and Speaker Oliva, CFO Patronis, Governor DeSantis and the many esteemed legislators who fought tirelessly to protect their constituents from AOB abuse, thank you. Your unwillingness to tolerate abusive, deceptive practices that benefit only a few, while increasing the cost of living for every hardworking Floridian, is a testament to your perseverance.”
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 or follow us on Twitter @FLOIR_comm.