Report Shows Anticipated Savings from Florida PIP Law; Insurers Still Cautious
The R Street Institute, an outside consulting firm based in Washington, D.C. that advises the insurance industry on catastrophe and insurance claims issues, says the report was encouraging.
“It is encouraging to see the actuaries determine that H.B. 119’s provisions cracking down on fraud and creating a more transparent process for PIP claims will benefit consumers,” said Christian Cámara, R Street’s Florida director.
“Given that many of the changes aren’t yet implemented and that the law still may face legal challenges and efforts by some to ‘game’ the system, it’s still too early to have a full sense of all the benefits this legislation might provide,” he adds.
