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Insurance Consumer Advocate

Sha'Ron James

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Mailing: 200 East Gaines St.
Tallahassee, FL 32399-0308

For Consumer Assistance:
Contact the Division of
Consumer Services within the
Department of Financial Services

Online at
Consumer Services
Toll-free in Florida
Out of State
(850) 413-3089
(850) 413-3033

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Florida Insurance Consumer Advocate Robin Westcott's Pushes for Alternate Data and Methodology to be Considered by Pinnacle, OIR

Press Release

August. 21, 2012

TALLAHASSEE, FL— Today, Florida’s Insurance Consumer Advocate Robin Smith Westcott released the following statement after the Office of Insurance Regulation (OIR) issued a statutorily mandated report on the impact of House Bill 119 which made significant changes to the state’s Personal Injury Protection (PIP) system. The report was prepared by Pinnacle Actuarial Resources under contract with OIR.

“I am pleased that my office was able to provide input and encourage the use of data supporting additional savings for Florida’s consumers.

“Pinnacle’s use of data supplied by my office and discussions about the methodology employed by Pinnacle resulted in a substantial change in estimated savings for consumers – from a range of 12 to 20 percent in the draft report to a range of 14 to 24.6 percent in the final report.

“However, we fully expect that premium savings will be even greater than these estimates, which ultimately will be determined by actual loss experience after the law goes into effect on January 1, 2013.

“It is important to note that historically, past legislative reforms of the workers’ compensation and medical malpractice systems required independent actuarial studies that significantly under-estimated the reduction in loss costs that were actually realized.

“Only time will tell whether the actual savings in PIP loss costs will exceed the estimated savings, but we are optimistic that reforms enacted by the 2012 Florida Legislature will have significant, favorable results for Florida consumers.”