Florida PIP/No-Fault Law Passed

As announced by Insurance Journal:

The Florida Legislature has just passed legislation reenacting the PIP/no-fault law, with no significant reforms
which has been sought by the insurance community, but a new 2009 “sunset” date that could lead to major changes in a future
session.

The package contains about $1 million in additional funding to fight PIP fraud and changes what information must be contained in
crash reports, measures supported by the insurance community. Not in the package, however, are key reforms sought by insurers and
recommended in a study by the Senate Banking & Insurance Committee last fall, including caps on fees paid doctors, chiropractors and
other providers under PIP and caps on attorneys’ fees.

….And without the caps, or a return to a pure tort system, you still have the incentive to pad claims which has an unfortunate
inflationary effect on loss costs.

At least, with the overall trend of auto insurance rates having generally been downward-to-flat for the past few years consumers in
Florida might not notice the pinch of those pressures, especially not with property insurance rate hikes to distract them.