Ensure Compliance with Florida House Bill 119
- May 31, 2012
- Written By Perr&Knight
On May 4, 2012, Florida Governor Rick Scott signed House Bill 119 into law. The bill, among many things, changes the way accident reports are taken, provides coverage limits, establishes a schedule of maximum charges, creates a list of diagnostic tests deemed not to be medically necessary, and controls attorneys’ fees. These changes impact both personal and commercial personal injury protection and affect insurers by:
- Requiring all personal auto writers to submit a rate filing by October 1, 2012 and a second filing by January 1, 2014 that reflect the savings as a result of this bill.
- Requiring commercial auto writers to evaluate the impact of the changes on their book of business and submit a filing if it is determined the filed rates are excessive after considering the impact of the bill.
- Allowing insurance companies to limit payment effective July 1, 2012, as authorized by the new regulation. To do this, companies must include a notice at the time of policy issuance or renewal and the form must be approved by the Florida Office of Insurance Regulation.
The first personal auto rate filing in response to HB119 has already been submitted, as well as multiple personal and commercial auto form filings. Perr&Knight is actively monitoring filings to keep our clients up to speed on the competitor activity regarding the requirements resulting from HB119. Our Hot Filings Alerts provide that information on an ongoing basis.
If you are interested in obtaining assistance with these required changes, Perr&Knight is the ideal choice to make the process as simple as possible. Perr&Knight has distinguished itself as the only firm of its kind offering a complete array of actuarial consulting, competitive intelligence and regulatory compliance services. Our actuaries’ ability to leverage the knowledge and information available through our companion services distinguishes us from other actuarial firms.
With approximately 30 actuaries including nearly 20 Fellows and Associates of the Casualty Actuarial Society, Perr&Knight is among the top ten largest property & casualty actuarial consulting firms in the United States. Seven of our accredited actuaries are located in our Boca Raton, Florida office, making us the largest property & casualty actuarial consulting firm in the state of Florida. Perr&Knight’s actuaries have supported and submitted hundreds of rate filings for nearly all lines of business in Florida. We have extensive experience with obtaining approval for Florida auto filings and are already scheduled to work with other Florida auto writers to develop and submit their required changes.
The links below provide additional information about HB119 and the required changes resulting from it.
- Informational Memoranda issued by the Florida Office of Insurance Regulation to Motor Vehicle Insurers regarding HB119
- House of Representatives Final Bill Analysis for HB119
- HB119 Text
For more information about how Perr&Knight can help you, please download the following brochures:
Contact Kristy Greco for assistance with the rate review or filing process, and any other questions that you might have.
PHONE: 352.222.0083
E-MAIL: kgreco@perrknight.com
WEB: Click Here
