Florida now has new tort reform laws. Governor Ron DeSantis called his state a “judicial hellhole” and signed them into law. They will immediately benefit property-casualty insurers in the state.
In analyzing the bill, S&P Global Market Intelligence said the reforms do away with one-way attorneys fees and fee multipliers. Bad faith rules have been modified and the standards regarding comparative negligence have been hugely modified.
S&P says this is a huge benefit for larger insurers like Progressive, Allstate and State Farm. The firm isn’t sure how the new reforms will impact smaller insurers.
The question now is when will other states follow? The need addressed in Florida is a need that needs addressed in all other states.
Source link: Insurance Business America — http://bit.ly/3Ky5oYI
