Lawmakers Pass Stricter Penalties for Insurance Companies
March 25th, 2008 by flanewsLegislators are getting tougher on insurers who deceive customers. Tuesday in Tallahassee legislation passed through a senate committee that would raise the penalties for insurance companies that knowingly mislead or over charge customers. The bill would allow insurance regulators to charge a company as much as 100,000 dollars a day every day the company isn�t in compliance with Florida�s Insurance Code. The legislation is just a one of several bills amid at inflicting stricter penalties and regulations on insurers.
�All of the packages send a message that we�re very, very, very concerned,� said State Senator Mike Bennett. �We�re tired of you (insurers) making excess profits on the backs of the Florida consumer, and that�s really the message we�re trying to send.�
Earlier this year a special senate committee grilled insurers about why insurance rates in Florida went up during at a time when rates were suppose to decrease.
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