The insurance industry is challenging a Florida law.

Three national trade associations and 23 insurance companies filed a suit challenging the legality of the law, which temporarily rolls back premiums and tightens the state insurance commissioner’s authority over rates. Gov. Bob Graham last week signed the measure, which took effect Tuesday. The suit seeks to have the law declared unconstitutional in violating due-process and equal-protection provisions of both the Florida and U.S. constitutions. The law also limits jury awards for such non-economic damages as “pain and suffering” to $450,000.