Florida House speaker launches probe of insurance companies

• The Tampa Bay Times uncovered the report that triggered the probe. And Perez said the committee he formed to investigate it would be given the "full range of tools" to do so.

Catch up quick: The report, which the Office of Insurance Regulation commissioned, is the most in-depth dive into the finances of the state's homeowners insurance market, per the Times.

• Insurers evade a 4.5% profit cap through affiliates that charge excessive fees for services, the report says. Money sent to an affiliate cannot be used to cover claims.
• The report found that insurers reported $432 million in losses between 2017 and 2019, while affiliates made $1.8 billion in profits.

Driving the news: Perez announced the probe during his opening remarks for the legislative session. The Office of Insurance Regulation has asked state lawmakers for more oversight of affiliate companies.

• Perez's investigation has bipartisan support. State Rep. Fentrice Driskell (D-Tampa), who called for an investigation last week, celebrated the decision.

The other side: The American Property Casualty Insurance Association, which represents insurers, said in a statement to the Times that it "looks forward to working with the Legislature during the 2025 Legislative Session and ensuring policy proposals are based on facts and not sensationalized reporting."

Flashback: The report wrapped up in March 2022, months before state lawmakers hurried to pass legislation that, in part, made it harder to sue insurance companies, according to the Times.

• Gov. Ron DeSantis did not backtrack on his decision to sign the legislation when asked about it Tuesday and added he would not support a repeal of that law.

The big picture: Insurance premiums in Florida have become so expensive that 1 in 5 homeowners in the state have opted to forgo coverage altogether.

• Over the last six years, the state's insurance reforms have prioritized industry concerns over those of consumers and have even made insurance more expensive.