The National Association of Independent Insurers (NAII) announced it is spearheading a meeting with the Florida Insurance Council (FIC) to brainstorm practical solutions to the escalating problem of auto insurance fraud in Florida.
The groups will meet in all-day meeting on Wednesday, Dec. 4, beginning at 9 a.m. The meeting, which is open to the press and the public, will take place at the Marriott Hotel in the Orlando
“The Florida Department of Insurance reports that more than 20 percent of auto insurance premium dollars goes to pay for fraud activities in Florida,” said Jim Taylor, counsel for the NAII. “The DOI, the Florida legislature and the insurance industry need to act now to stop the problem before it gets any worse.” Bob Neumann, director of the Division of Insurance Fraud, will present information regarding investigative efforts underway.
NAII’s efforts will be directed primarily toward no-fault and personal injury protection (PIP) fraud activity in the state, Taylor commented. “The no-fault system is rife with abuse, and although the system is still workable, fraud has weakened it. We need to find legislative and regulatory fixes to set it right.”
Taylor pointed out that the fraud, abuse and overutilization in the Florida no-fault system is costing consumers an additional $1 billion to the cost of auto premiums – essentially an outrageous “fraud tax” added to the cost of auto insurance.
Was this article valuable?
Here are more articles you may enjoy.
Progressive Q2 Net Income Skyrockets Over 320% 
‘Surface Waters’ on Roof Are Not ‘Flood’ Waters, Massachusetts High Court Rules 
Insurers Settle With Hotel in Case of Woman Videotaped in the Shower 
How California’s Homeowners Insurance Crisis Is Affecting Brokers 
