[6]Another major aim of the Insurer Accountability Act is to prevent insolvent or near-insolvent insurers from underwriting policies that create undue risks for policyholders. [13]To identify and address potential risks within the insurance industry, the Insurer Accountability Act introduces mandatory investigations of "high-risk" insurers every three years. [18]Increased Penalties for Non-ComplianceThe Insurer Accountability Act introduces additional penalties to deter noncompliance by insurers. If proven successful, we may see Florida’s approach to regulating this market by way of the Insurer Accountability Act implemented elsewhere. [4] Insurer Accountability Act, 2023 Fla. Laws 172[5] Id.

Source: Washington Post August 09, 2023 15:54 UTC