Press Releases

STATEMENT RELEASE: Insurance Reforms Needed Now

By: The James Madison Institute / February 2, 2017

The James Madison Institute

Press Releases

February 2, 2017

FOR IMMEDIATE RELEASE

Feb 2, 2017

Contact Logan Pike, Director of Public Affairs

850-386-3131 orcommunications@jamesmadison.org

Insurance Reforms Needed Now

Dr. McClure to lay out path to success to Florida Chamber Insurance Summit attendees

TALLAHASSEE, FL – Dr. Robert McClure, President and CEO of The James Madison Institute, will speak today at the Florida Chamber’s 2017 Insurance Summit and discuss four areas of reform needed to ensure the long-term health and stability of Florida’s insurance market.

“Florida has had an incredible streak of good fortune. We enjoyed more than a decade without any major storms, and the two we experienced last year caused much less damage than anticipated, but people aren’t seeing any relief in their insurance premiums” said Dr. McClure. “And that’s why the time is right to, once again, tackle the complex issue of insurance reform to protect the people of Florida from higher insurance rates caused by fraud and out-of-control litigation.

“There are relatively few bad actors when it comes to both workers’ compensation claims and the assignment of benefits issue. However, those few cost the rest of us dearly through higher insurance rates and stifled economic growth. In years past, the Florida Legislature has acted swiftly to address problems in our insurance market. This year, we need them to act again.”

Coinciding with Dr. McClure’s remarks, JMI is releasing “Florida’s Four Walls of Insurance Reform,” a paper authored by Christian Cámara, adjunct scholar at JMI and State Director with R Street Institute. The paper, available atJamesMadison.org, identifies four areas of needed insurance reform: workers’ comp, assignment of benefits, Catastrophe Fund and disaster mitigation.

“In the past, when the legislature has passed meaningful workers’ comp reform, Floridians have seen an immediate and significant benefit,” said Cámara. “We need that same decisive action again in the areas of workers’ comp and assignment of benefits. We also need them to modernize how Florida’s Catastrophe Fund operates and give it, and insurance companies, the freedom to choose the best reinsurance options available in an open and competitive global market.

“Finally, by encouraging Floridians to protect their homes against storm damage, and by ensuring taxpayers do not subsidize bad building decisions in the future, we can dramatically improve the health and fairness of Florida’s insurance market.”

The James Madison Institute is the premier think tank in the state with the 18thlargest economy in the world – Florida.Through a comprehensive effort that couples academically-sound research with widespread education outreach, JMI provides public policy solutions and ideas that guide policymakers and fuel healthy debates across Florida, and the United States, from the halls of Congress and state capitols to the homes of Americans pursuing the lives they desire.

Read JMI'slatest Backgrounder: Florida's Four Walls of Insurance Reform

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Trusted Solutions for a Better Florida: Founded in 1987, The James Madison Institute (JMI) is one of Florida’s oldest and largest nonpartisan, nonprofit research and educational organizations. JMI is dedicated to maximizing opportunities for all by promoting economic freedom, limited government and personal liberty. Learn more about JMI at www.jamesmadison.org. Twitter: @JmsMadisonInst – Facebook: facebook.com/JamesMadisonInstitute