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State News

Florida CFO: Urge Lawmakers To Reform AOB

Patronis.jpg
Tampa Bay Times

Florida Chief Financial Officer Jimmy Patronis is urging business leaders to turn up the political heat for insurance reform.

Addressing a Florida Chamber Foundation forum in Orlando Wednesday, Patronis said Hurricane Irma underscores the need to crack down on so-called “assignment of benefits” fraud.

“At some point, if not addressed, this is going to hit every single pocketbook in the state, it will affect the ability to create jobs, it will affect the ability for homeownership. You know, this is not an environment that grows strong families.”

Under assignment of benefits, homeowners give repair contractors the right to negotiate directly with insurance companies.

Regulators say the practice invites fraud and leads to unnecessary litigation.