Statement by The James Madison Institute
Regarding the Draft Actuarial Report on PIP Reform Submitted by Pinnacle Actuarial Resources Inc
The initial actuarial analysis regarding recent PIP legislation in Florida indicates that these reforms will likely provide consumer savings over time. However, policy makers must be cautious when interpreting these initial findings as uncertainties remain, such as possible legal challenges and interpretations, which could potentially delay future savings for consumers. Nonetheless, it is clear is that the PIP reforms passed by the 2012 Legislature will ultimately benefit consumers in Florida.