A bill (SB 924) was introduced in the Florida Senate relating to third-party bad faith actions against insurers. SB 924 is a successor to a bill that was allowed to die last year. The bill is an attempt to quell ridiculous damage awards for so-called “bad faith” actions against insurers. Until the bill is enacted, the lack of meaningful standards for judging insurer’s actions allows continued misuse of bad faith claims.

SB 924 should preserve rights for restitution to those who have suffered meaningful damage. On the other hand, the bill should help prevent the use of fatuous assertions of “damage” that are used to bamboozle juries into granting oversized awards.

Your can read the entire op-ed at The Economic Standard.

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With over 20 years in the communications industry, Alan has collaborated on policy development with elected officials and government professionals. He launched two successful businesses; one in mobile communications devices and earlier, a software writing consultancy specializing in financial and economic analysis. He wrote several books on software and technology. He writes on state and national economic policy, regulation, finance and other topics from a consumer perspective.