Insurers in no rush to trim rates [The Palm Beach Post, Fla.]
Start of the 2012 legislative session nears.Industry groups say reducing fraud stands to help consumers in many ways, such as freeing up money to pay legitimate claims, enhancing price competition in the market and making it easier to lower premiums over time through normal rate-making procedures.
But if changes pass, it may take a while to see how effective they turn out to be and for any legal challenges to play out, they say.
Insurers "don't know if there will be unforeseen effects that might create new costs in the system," said Michael Carlson Republican and insurance agent, would provide for a rate review in 18 months, Carlson said. He said he was not aware of other bills requiring rate filings or reviews of PIP rates.
For its part, PIFF agrees the industry should be accountable but calls a 24-month filing deadline "much more reasonable" if any is needed. The group would accept the 18 months in the proposed amendment to Boyd's bill, he said.
Attorneys and chiropractors, among others, say all the fraud talk really serves as cover for limiting the coverage consumers can get. members that insurers are playing "a billion dollar game" by delaying payments to health care providers. Various interest groups insist insurers just want more power to deny or delay claims or make it harder for medical service providers to sue them to collect payments.
Insurers cite fraud
The effort marks the latest in a series of attempts to revamp the PIP system. Such coverage has been required by the state since the early 1970s. The system was designed to provide no-fault resolution of accidents involving minor injuries, avoiding lengthy lawsuits and getting payments out to consumers within 30 days.
The problem, insurers say, is that the system has been beset by fake accidents, inflated claims for chiropractic and other services and unnecessary legal costs.
Boynton Beach Car Insurance Rates - News
PIFF's charter members include Allstate , Progressive and State Farm , which account for nearly half the state's auto insurance market. A proposed amendment to a bill sponsored by state Rep. Jim Boyd , a Bradenton Republican and insurance agent,
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