Florida Insurance Commissioner, Michael Yaworsky, recently announced that the newly implemented legislative reforms, such as the elimination of attorneys’ fee multipliers, are bolstering the state’s insurance market. Yaworsky made this statement in a press release dated April 3.

“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” said Yaworsky. “OIR [Office of Insurance Regulation] remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”

According to a separate press release, Governor Ron DeSantis signed HB 837 into law last year with an aim to enhance the state’s insurance market. The legislation introduced reform measures intended to reduce excessive litigation that was driving up insurance costs. These measures included eliminating attorneys’ fee multipliers and establishing uniform standards to aid juries in calculating accurate medical damages. “I am proud to sign this legislation to protect Floridians, safeguard our economy and attract more investment in our state,” said DeSantis.