The Senate Committee on Banking & Insurance met to discuss an Assignment of Benefits (AOB) reform bill that will help reign in AOB abuse -- Senate Bill 122.
The Florida Chamber applauds Senator Doug Broxson for proposing SB 122 and the committee for engaging in bold dialogue and seeking meaningful insights from industry experts, including Florida Chief Financial Officer Jimmy Patronis, the Office of Insurance Regulation and Citizens Property Insurance.
Meaningful reforms have failed to cross the finish line in past years and as a result, we have seen hardworking individuals continue to fall victim to shady contractors who have convinced them to sign away their rights— ultimately leaving them high and dry without recourse.
Consider that, in 2006, there were only 405 AOB-related lawsuits. Last year, the number skyrocketed to more than 34,000.
We cannot afford another year without AOB reform.