March 6, 2019

Happening This Week

Inside the SLIP Compliance Checkup Dashboard: TIMELY PAYMENTS

The Timely Payments widget is located in the top right corner of the dashboard.

It shows the status of invoices that have been paid by agents to FSLSO. This includes ACH payments and checks that have been posted in our accounting management system.

The most current quarter that an invoice was created will display in the top left quadrant of the circle graph and the previous quarters will display clockwise from there.

If the agent is not invoiced every quarter, the quarters displayed on the widget will not be sequential. Each quarter will also show the status of the invoices for that specific quarter. It will either display as “Paid in Full” when all invoices have been closed or it will display the number of invoices and the number of days until the payment is due or overdue.

The system calculates the due date as 45 days following the end of the previous quarter. Meaning:

• Quarter 1 is due May 15th.
• Quarter 2 is due August 14th.
• Quarter 3 is due November 14th, and
• Quarter 4 is due February 14th.

The system will update the circle graph based on when the invoices were paid for each quarter using the following color code. 

Headlines

Will 7th Time Be the Charm? Industry Makes Big Push for AOB Reform in 2019

The push for assignment of benefits (AOB) reform in the 2019 Florida legislative session is in full swing, and the insurance industry and consumer advocates have pulled out all the stops to emphasize their contention that abuse of a policyholder benefit has led to a full-blown insurance crisis in the state.

Whether their efforts will be enough this year after six years of failed reform attempts remains to be seen. Lawmakers are weighing legislative options, but a bill backed by the industry has already stalled in the Senate Banking & Insurance Committee.

Florida Insurance Commissioner Debunks Top AOB Myths

In his continued efforts to ensure Floridians understand the impacts of assignment of benefits (AOB) abuse, Commissioner David Altmaier has debunked the top five myths and most common AOB-related misunderstandings.

An AOB allows a restoration vendor to “stand in the shoes” of a consumer who has experienced home damage by granting consumers the right to sign over their insurance benefits to the vendor, who files claims for work performed. The AOB also allows the vendor to seek direct payment from the insurance company and if litigation is pursued, vendors can also demand payment of attorney’s fees.

Florida Senate Works on ‘Assignment of Benefits' Insurance Proposal

In 'assignment of benefits', homeowners in need of repairs sign over benefits to contractors, who ultimately pursue payments from insurance companies.

Insurers contend that the practice has become riddled with fraud and litigation, while plaintiffs’ attorneys and other groups say it helps ensure claims are properly paid.

‘AOB’ Changes Get on Track in Senate

Three weeks after the issue stalled, a Senate committee Monday moved forward with a proposal that would revamp the controversial insurance practice known as “assignment of benefits.”

The Senate Banking and Insurance Committee voted 5-3 to approve the proposal, which Chairman Doug Broxson, a Gulf Breeze Republican, overhauled after an earlier version did not have enough support to get out of the committee.

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Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.

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