Significant changes appear to be in the pipeline for Florida property insurers after the Florida legislature passed sweeping assignment of benefits (AOB) reform legislation last week. If the legislation is signed into law (Governor DeSantis has indicated it will be), it will take effect on July 1, 2019. The legislation applies to residential and commercial property insurance policies and includes new restrictions on AOBs, changes to the fee-shifting framework for AOB suits, new reporting requirements for insurers, and new regulations on writing policies that restrict the use of AOBs.
Click here to read a client alert on CarltonFields.com that provides a high-level overview of some of the notable aspects of the legislation for Florida property insurers.
