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Reforms prompt Florida insurers to reenter market

LTC Liability Monitor, March 11, 2004

Seven months after tort reform became a reality in Florida-creating a $750,000 cap for noneconomic damages against healthcare facilities and freezing rates until the reforms are studied-some signs of liability crisis relief exist.

State regulators have approved new rates for at least 19 professional liability insurance carriers--four of which are new to the state, reported the Bradenton [FL] Herald. However, it still remains unclear what type of healthcare organizations and practitioners these companies will insure, a spokesman for the Florida Office of Insurance Regulation told the Herald.

The reform bill also requires insurers to reduce their rate calculations by 7.8% in determining rates for this year, but still allows for premium increases within a range of 8%-45%. Many healthcare professionals remain skeptical the reforms will actually result in liability relief, reported the Herald.

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