PCI: “SB 150 Wipes Away Years of Reforms Helping Reduce Costs for Florida Drivers”

TALLAHASSEE, Fla. – The Property Casualty Insurers Association of America (PCI) today released the following statement attributed to Logan McFaddin, its regional manager, regarding the Senate Banking & Insurance Committee advancing Senate Bill 150, by Senator Tom Lee (R-Brandon), relating to motor vehicle insurance.

“PCI is disappointed by the advancement of SB 150 today.  This legislation would eliminate cost containment measures and result in consumers either paying more for the same coverage, or paying the same for less coverage.

“SB 150 does nothing to address the bad faith abuse, which is adding more costs to system at the expense of Florida motorists. 

“Insurers support reform efforts that reduce fraud and protect our policyholders’ premium dollars. However, replacing PIP with Med Pay would wipe away years of reforms that have helped reduce costs for Florida auto insurance consumers.

“Floridians deserve better.  We look forward to working with lawmakers on measures that ensure cost savings and protection for Florida’s policyholders.”

SB 150 today passed its first committee of reference and is now ready to be taken up by the Senate Appropriations Subcommittee on Health and Human Services.

About Us

PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.

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