American Property Casualty Insurance Association Issues Statement on Litigation Financing Consumer Protection Act

TALLAHASSEE, Florida, Jan. 24 -- The American Property Casualty Insurance Association issued the following statement on Jan. 22 by Logan McFaddin, assistant vice president of state government relations, regarding the Litigation Financing Consumer Protection Act:

"APCIA thanks the members of the House Civil Justice Subcommittee for advancing legislation today that creates the Litigation Financing Consumer Protection Act.

"With Florida having one of the worst legal climates in the country, it is imperative we look at all avenues to enhance our civil justice system and bring relief and protection to Florida consumers. PCB CJS 20-01 would do just that.

"By providing regulations for litigation financers, including registration requirements, capping interest rates, fees and charges to consumers, and subjecting litigation financiers to the Florida Deceptive and Unfair Trade Practices Act, the Florida House has taken important steps to protect consumers.

"We look forward to working with our elected officials to pass meaningful tort reform this session."

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In the Senate, Senator Broxson's SB 1828, which is very similar to PCB CJS 20-01, has been referred to the Senate Banking & Insurance, Judiciary and Rules Committees.

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.