TALLAHASSEE, Florida, March 9 — The American Property Casualty Insurance Association issued the following statement on March 8, 2024:
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The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its vice president of state government relations Logan McFaddin, regarding the end of the 2024 Florida Legislative Session.
‘This session, the Florida Legislature began an important conversation on regulating third-party litigation financing (TPLF). TPLF is a concerning trend in litigation that has allowed hedge funds and foreign actors to meddle in our court system and take advantage of vulnerable, injured parties. These predatory lenders are currently able to act in secret, without courts or defendants knowing who they are or even that they are involved, while charging exorbitant interest rates that leave victims with little to no award money. This can lead to increases in frivolous lawsuits and drive up the costs of products, services, and insurance across Florida.
“APCIA appreciates Senator Jay Collins and Representatives Tommy Gregoryand Toby Overdorf for bringing forth legislation this session to regulate TPLF. This legislation would have brought much-needed transparency to this harmful industry, while protecting Florida consumers and ensuring our courts are not used as money-making machines for investors.
“While this legislation did not ultimately make it across the finish line this session, the filing of the bills and the committee hearings that occurred helped to educate more lawmakers on this growing issue and led to productive discussions. APCIA looks forward to continuing to work with lawmakers moving forward to stress the importance of putting reasonable regulations in place to protect consumers and our courts from predatory TPLF practices.”
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The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions–protecting families, communities, and businesses in the U.S. and across the globe.
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Original text here: https://www.apci.org/media/news-releases/release/79255/