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| B. Uninsured and underinsured Motorist Coverages |
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| 2. Valuable Resources |
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| D. Selecting an Agent |
| E. Independent Agents Vs. Captive Agents |
| F. How to Resolve a Problem |
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| 4. Claim process |
| - Settling a Bodily Injury Liability Claim |
| Discounts Available from Most Auto Insurance Companies |
| The Savings Calculator |
Insurance bill moves forward |
Measure allows 12-percent rate increases yearly
DEMOCRAT STAFF WRITER
Wed, Mar. 24, 2004, Talahassee
A House insurance subcommittee Tuesday approved a bill that would allow auto and certain commercial insurance carriers to raise rates an average of 12 percent annually, with no limit on increases in certain areas.
"My motive in this is to find a way to bring about competition in the state of Florida," subcommittee chairman Don Brown, R-Defuniak Springs, said after lawmakers heard testimony from industry lobbyists who supported the revised bill.
A spokesman for The Academy of Florida Trial Lawyers told subcommittee members his organization opposed the measure.
Two weeks ago, the subcommittee approved a version of the bill that would have allowed a 10-percent average increase in insurance rates for homes and autos. Carriers could also boost rates up to 25 percent in specified areas they identify as high-risk.
Brown, an insurance agent for nearly 30 years, told committee members he thought the bill was "a very small step" in bringing more competitive rates to Florida consumers.
The bill, which now goes to the House Insurance Committee, allows automatic rate increases for auto insurance on an annual basis. Brown said the provision allowing home-insurance rate increases had been removed from the bill.
Under the new version of the bill, insurers could increase rates an average of 12 percent across the state without seeking approval from the state Office of Insurance Regulation.
The bill also allows unlimited rate increases in specific areas if the increases do not put total rate hikes over the 12-percent mark on an annual basis.
Insurers also would continue to file for annual rate increases with the OIR. The rate increases addressed in the bill would come on top of any annual rate increases approved by the OIR.
The rate-increase provision also applies to commercial policies except for medical malpractice, commercial residential and workers' compensation, Brown said.
The Office of Insurance Regulation could refuse an annual increase only if the company requesting it is having financial problems or if the increase is found to be discriminatory, Brown said.
The state reviews annual rate increases sought by insurance companies doing business in Florida. The department cannot recommend increases but can reject increases sought by insurance companies.
Subcommittee member Anne Gannon, D-Delray Beach, said she was concerned about the lack of a sunset provision in the bill and by the removal of the 25-percent cap from the previous version of the measure.
Brown assured committee members he would work to reinstate a cap and put a sunset provision in the bill.
Representatives of the Office of Insurance Regulation have said they oppose the bill because it removes the division from the regulatory process and allows insurers to increase rates even after an annual rate increase.
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