Topic: Florida Developments

Florida Appellate Court Provides Insurers with Potentially Powerful Tool to Combat Abusive Assignment of Benefit Litigation

The logjam may have broken in Florida assignment of benefits litigation. Insurers and the bar that represents them have searched for a response a costly wave of costly litigation that has a arisen in recent years where insureds have assigned their homeowners’ insurance proceeds to  contractors that perform needed repairs and then submit bills to the insurer that frequently are inflated, touching off litigation in which the contractor (or, more accurately, its lawyer) is emboldened by the threat of recovery of attorneys’ fees.

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The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act

The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge...

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Florida may have outlawed the secondary sale of policies if at any time during the five year period post issuance there was a loan secured by the policy

Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows: (2) Except as hereinafter provided [certain life...

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