Tallahassee, Fla. — The Property Casualty Insurers Association of America (PCI) today released the following statement attributed to its state government relations regional manager Logan McFaddin in regard to how the Florida insurance marketplace fared during the 2017 Legislative Session.
Insurance Premium Tax Credit
“The insurance industry is proud to be a significant contributor to Florida’s economy and provides more than 200,000 jobs in Florida, bringing in $13.4 billion in annual wages into the state. The industry generates approximately $21.2 billion in total economic output — 2.8 percent of Florida’s gross state product.
“PCI applauds the Florida House and Senate for preserving the insurance premium tax credit, so the insurance industry can continue to keep Florida a competitive place for bringing new jobs.”
“PCI commends the Florida House and Senate for passing House Bill 221 to protect both rideshare drivers and passengers. We encourage Governor Scott to sign this good public policy into law. Once this bill is signed into law, Florida will become the 46th state along with the District of Columbia to pass this legislation to protect rideshare drivers and passengers.”
“PCI sincerely thanks Senators Dorothy Hukill and Kathleen Passidomo and Representatives Grant and Plasencia, for making AOB reform a priority this session. PCI also commends the Florida House for in the end sending a bill with commonsense reforms to the Senate.
“As we approach another hurricane season, it’s unfortunate we were unable to pass reform legislation in the Senate to protect hardworking Floridians. The Senate bill simply did not go far enough to protect consumers.
“Data shows skyrocketing litigation costs are a major problem, and now we will need to wait another year in hopes of stopping this abuse.”
“As referenced in a recent Florida Chamber of Commerce report, the recent Florida Supreme Court rulings will result in workers comp rates in the state increasing by 14.5 percent, costing Florida job creators more than $1.5 billion.
“PCI pushed for legislation that would balance the interests of employees who have been injured on the job and employers that seek predictability in costs. Unfortunately, this session the House and Senate were unable to come to a consensus on a bill that employers and employees can rely on.”