News & Events

Recently, the Coalition Against Insurance Fraud (CAIF) released updated numbers that show the cumulative impact of insurance fraud. CAIF estimated that insurance fraud costs the economy upwards of $300 billion each year, and this figure may be a conservative estimate. Fraudsters get the upper hand because they tend to stay one step ahead of the authorities.

On April 26, 2023, the Fourth District Court of Appeal addressed the ever expanding litigation over the proper Medicare Fee Schedule, overturning a trial court’s ruling that insurers must pay the higher 2007 Non-Facility Limiting Charge, and holding the proper reimbursement rate was the lower 2007 non-facility participating price, in Progressive Select Insurance Company v. In House Diagnostic Services, Inc., a/a/o Darryl Frazier, No. 4D21-2581. In doing so, the entire Court, not just a three-judge panel, officially receded from its own prior precedent.

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The Governor has now signed the new Tort Reform Act into law effective today, March 24, 2023. The law significantly changes personal injury, wrongful death, attorneys’ fee claims in personal injury protection and first party property insurance claims, as well as insurer bad faith cases in this state. The key points of the bill as signed by Governor DeSantis, are as follows:

The Coalition Against Insurance Fraud (CAIF) has come out with a new study that shows the full extent of insurance fraud in the United States. For the first time in almost three decades, the figure that estimates total losses due to insurance fraud has been updated. According to the CAIF, total losses due to insurance fraud across the country are $308 billion. This figure is dramatically higher than the group’s $80 billion estimate in 1995, which is the last time it released an estimate of the cost of insurance fraud. The study may even underestimate the total amount of insurance fraud because some insurance companies may not realize that they have been defrauded due to sophisticated methods employed by fraudsters.