Legislation passed on Wednesday by the Florida legislature is far from perfect and may not generate the benefits that the medical community, consumers and insurers had hoped for, according to the Alliance of American Insurers.
“The legislation that was finally approved is the result of one of the longest, most hotly contested debates ever to take place in Florida,” Sarah Heidenreich, policy manager for the Alliance, said. “It’s a patchwork solution that has some good points, but doesn’t go far enough to bring the medical malpractice insurance crisis to a satisfactory conclusion.
“The caps on non-economic damages are too high to allow for the reduction in rates that medical professionals and healthcare providers had hoped for. While insurers who choose to write medical malpractice coverage will have more certainty with the new caps on damages, they will still face significant risks compared with other states that have adopted the more stringent limits on lawsuit awards, so they will be forced to price their policies accordingly,” Heidenreich added.
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