Florida regulators are optimistic that the state’s no-fault auto reforms are having a positive effect on the market and will eventually cut premiums for drivers. But for now they are telling the public that the recent law changes will likely only temper the size of insurers’ personal injury protection (PIP) rate requests as opposed to actually decreasing drivers’ premiums.
Florida Insurance Commissioner Kevin McCarty said that regulators are just beginning to review the 100 plus filings made by insurers by the Oct. 1 deadline.
So far, only eight companies have received rate approval. The early results follow an expected trend whereby rate requests are lower than otherwise would have been filed.
While these savings will not be felt directly by policyholders, regulators remain confident that the market is heading in the right direction.
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