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Under the new law, vehicles will only be required to carry $100,000 in PIP per person. -
The broader legislation narrowly passed the Senate and now heads to the House.
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The measure could have landed insurers with extra tax on US business.
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There are now 14 new companies writing homeowners’ policies in the state.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The rules would require paid rest breaks, among other measures.
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The ratings agency cited support from parent company MSI for the upgrade.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
