Despite bold promises at the outset of Florida’s legislative session to hold the insurance industry accountable and tackle skyrocketing premiums, lawmakers wrapped up 105 days of heated debate with little to show in terms of meaningful reform.
Earlier this year, legislative leaders pledged to scrutinize insurance company profits, sparked in part by a previously undisclosed state study that revealed staggering disparities between reported losses and affiliate earnings in the industry. Yet, when the session ended late Monday night, few substantive measures had been passed to reduce consumer costs or strengthen regulatory oversight.
“We didn’t see as much happen as we’d like,” acknowledged Rep. Brad Yeager (R–New Port Richey), chair of the House Insurance & Banking Subcommittee. “We’re not done. This was not a one-session project.”
Big Promises, Modest Progress
At the beginning of the session, House Speaker Daniel Perez (R–Miami) made headlines for demanding hearings into the financial practices of insurance companies. This initiative was driven by a Herald/Times report revealing a Florida Office of Insurance Regulation study that showed insurers were losing millions while affiliate firms raked in billions—information that had not been disclosed to lawmakers.
Two hearings were held by Yeager’s committee, where regulators admitted the study “raised red flags.” However, they also claimed the report was incomplete. That assertion was challenged by the report’s author, a government contractor, who testified it had been finalized but ignored by regulators.
Despite the hearings, lawmakers did not allocate funds to investigate further or introduce legislation to enhance regulatory scrutiny. However, Yeager said the committee is considering hiring a forensic accountant to analyze the full dataset, which has now been handed over.
The House did approve $280 million to renew the popular My Safe Florida Home program, which offers grants of up to $10,000 for hurricane-resistant home upgrades. Eligibility, however, will now be limited to households with low or moderate incomes.
Profit-Shifting and Executive Pay Draw Scrutiny
Industry compensation also fueled public outrage late in the session. The Insurance Journal reported that Slide Insurance CEO Bruce Lucas and his wife earned $50.3 million over two years, prompting harsh criticism from lawmakers.
“I think it’s disgusting,” said Speaker Perez. “Internally, we’re having discussions on what we can do to look into that. It is something that we will address. It is not something that we are putting on the back burner.”
Allegations that Florida insurance companies have shifted premiums and profits to affiliates—shielded from regulator oversight—are central to lawmakers’ concerns. Though no reform bills passed to address this directly, legislators insisted the issue remains a priority for future sessions.
Political Turbulence and Stalled Bills
The failure to pass more aggressive insurance reforms has been attributed to a variety of causes, including political distractions and internal party divisions. House Minority Leader Fentrice Driskell (D–Tampa) blamed Republican infighting and time spent investigating Hope Florida, a controversial DeSantis-backed program aimed at reducing dependency on public aid.
“I think that we lost momentum in terms of big policies and big ideas because so much had to be worked out between personalities,” Driskell said.
Sen. Blaise Ingoglia (R–Spring Hill), who leads the Senate’s insurance committee, defended the legislature’s inaction, arguing that some proposals risked reversing previous reforms credited with stabilizing Florida’s volatile insurance market. “This would have led to increased costs and higher rates for everyone,” he said, referencing failed bills that would have allowed homeowners to recover attorney fees when suing insurers.
Reform Deferred, Not Defeated
Although many consumer advocacy groups and residents expressed disappointment with the session’s outcome, legislative leaders insist their work on the insurance issue is far from over. Committees are scheduled to reconvene in October, and several lawmakers have pledged to continue investigating industry practices in the interim.
Florida’s insurance market remains a central concern for residents burdened by rising home insurance rates and diminished home insurance coverage. With hurricane season approaching and premium costs continuing to climb, pressure is mounting for lawmakers to deliver on promises to protect consumers.
As Speaker Perez emphasized, the House’s inquiry into profit-shifting practices is ongoing: “This is not over.”
Related topic:
Thailand Considers Health Insurance for Neighbors to Cut Unpaid Medical Costs
Over Half of Australians Will Switch Health Insurers for Perks
South Korea’s MyBrown Launches New Pet Insurance with Trusted Backing
