Florida’s new PIP/No-Fault Law was signed today by Governor Rick Scott. From the press release from Florida CFO Jeff Atwater’s office about the new PIP law:
A report released in November by Insurance Consumer Advocate (ICA) Robin Westcott, appointed by CFO Atwater, highlighted the need for reforms through concrete and meaningful data. According to the ICA’s report, the frequency of crashes declined 12 percent between 2005 to 2010 while the payment on PIP claims increased 66 percent during the same period.
“With the signing of this bill today, Florida will release the chokehold that fraud has on Florida’s insurance consumers. I commend Gov. Scott for signing this important piece of legislation and for his tireless work to ensure that we pass significant reforms to protect our fellow Floridians.
“The road to reform was a long and challenging one. Rep. Jim Boyd (R-Bradenton) and Sen. Joe Negron (R-Stuart) were both vital to the success of these reforms. I congratulate these leaders and the entire Florida Legislature today for recognizing that consumers no longer can afford inaction on PIP. I’m eager to start seeing the positive impacts of this bill in the form of future rate relief for Florida’s consumers.”
Part of the new PIP law takes effect July 1, 2012. The entire law takes effect January 1, 2013.
The full press release is available here.