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Rating agency takes wait-and-see approach to new Florida insurance law

July 2, 2019 - Hurricane losses are among several issues facing insurers in Florida, a new report from rating agency AM Best said. The Best’s Special Report said Florida’s strained insurance environment has been stoked by the use of assignment of benefits, an agreement that transfers the insurance claims rights or benefits of an individual's insurance policy to a third party, such as a contractor, who can then make repair decisions and collect insurance payments without the insured parties' involvement. A new reform law that took effect July 1 is designed to remedy some of the issues involved with assignment of benefits. "However, whether the law contains any loopholes that can be exploited remains to be seen," AM Best said in a news release.

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