Volume 1 Number 31
August 2, 2004

Prospective bidders inspect the lots at the Preview on Friday before the auction.

As a result of the Florida Department of Financial Services’ annual Unclaimed Property Auction held in Miami on Saturday, more than $800,000 was raised to benefit public education. More than 30,000 items were put on the auction block, including antique jewelry, sports memorabilia and Mayan artifacts. Our most valuable item, a 6.9-carat diamond ring, set in platinum, fetched a record $25,000. We saw a record crowd of participants in Miami. More than 300 Floridians, a program record, attended a day-long preview of items last Friday and registered as bidders to participate in Saturday’s auction.

The items come from abandoned safe deposit boxes in Florida banks and credit unions, which are turned over to the department’s Bureau of Unclaimed Property when the owners can’t be found. The proceeds from auction are deposited in the State School Trust Fund, managed by the Department of Education, and held indefinitely until the rightful owner is found.

In addition to safe deposit box items, we also receive funds from unclaimed bank accounts, utility deposits, insurance refunds and stock payments. Currently, we’re holding more than $1.1 billion in unclaimed property just waiting to be returned to the rightful owners. No fees are ever charged for this state service.

To find out if cash or property is being held by the state for you, or if you are an heir to unclaimed property, log on to www.fltreasurehunt.org or call toll-free 1-88-VALUABLE. You could be a mouse click or a phone call away from finding lost treasure.

Pensacola from the bay is our August skyline.

GALLAGHER APPOINTS STEVE BURGESS AS INSURANCE CONSUMER ADVOCATE

Florida’s Chief Financial Officer Tom Gallagher announced today that he has re-appointed Steve Burgess as the state’s insurance consumer advocate. Burgess, who served as the state’s first insurance consumer advocate in the early 1990s, replaces Elsie Crowell who recently retired. In his new role, Burgess will represent Florida citizens on insurance matters before state lawmakers, regulators and other stakeholders.

“Steve’s return to this important post is a win-win for the department and Florida’s insurance consumers,” said Gallagher, who oversees the Department of Financial Services. “He brings extensive on-the-job experience and a wealth of expertise on consumer and insurance issues.”

“I am honored to work again with CFO Gallagher to assist and protect Florida’s insurance consumers and help address some of the emerging issues in Florida’s insurance market, including the cost and availability of homeowners and health insurance,” said Burgess. CONTINUED

EMPLOYER OF KILLED, INJURED WORKERS ORDERED TO STOP WORK

The employer of two workers killed and at least three who were injured last month in a construction accident on a Hobe Sound work site has been ordered to cease all business operations in Florida. The order was issued after state investigators with the Department of Financial Services learned the company was operating without required workers’ compensation coverage.

“This horrible accident is made even more tragic by the fact that the employer may have left his employees and their families with no access to medical treatments or benefits,” said Chief Financial Officer Tom Gallagher, who oversees the department. “This terrible incident is an example of why it is so important to ensure workers are covered by workers’ compensation insurance.” CONTINUED

SELF-EMPLOYED FLORIDIANS QUALIFY FOR GUARANTEED-ISSUE HEALTH COVERAGE DURING AUGUST

Self-employed Floridians in need of health insurance can obtain it during an open enrollment period during the month of August, Florida’s Chief Financial Officer Tom Gallagher announced.

The open enrollment period requires insurance companies and Health Maintenance Organizations (HMOs) to offer applications for coverage to the self-employed on a guaranteed-issue basis from August 1 to August 31 each year, with a plan start date of October 1. The open enrollment period is also the time when the self-employed now covered by a small business plan may switch to another company’s plan.

“The opportunity comes only once a year for the self-employed seeking guaranteed-issue health coverage,” Gallagher said. “It’s a good time to review current coverage and to consider new additional options, such as tax-advantaged health savings accounts and health reimbursement arrangements.” CONTINUED

WHAT EXACTLY IS SERVICE POINT?

Your point for informed financial decisions – and the website of the Consumer Services Division of the Florida Department of Financial Services. Geared to help consumers get answers to specific questions, the site has seven entry points on its main page. To link to any of the information below, click on the Service Point logo in the left column of the newsletter. Our specialists are available to help you by email or by phone from 8 a.m. EDT to 7 p.m. EDT, in English and en Espanol.

Our Smart Answer system responds in detail to the question asked through our catalog of major insurance issues by topic, such as property & casualty, life, health, etc., with links to applicable statutes and websites of further interest. CONTINUED

INVESTIGATORS SEEK PUBLIC’S HELP IN SOLVING CHURCH FIRE

Investigators with the State Fire Marshal’s Office, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Jefferson County Sheriff’s Office, and Jefferson County Fire Department are asking for the public’s help to find who is responsible for destroying Lamont Baptist Church in April. A $2,500 reward is being offered.

The April 27 fire at the church, located at 121 River Road, was determined to have been the result of arson. The fire destroyed the church sanctuary, built in 1937, and adjoining fellowship hall.

“It is unconscionable that anyone would destroy a house of worship,” said Florida’s Chief Financial Officer and State Fire Marshal Tom Gallagher. “We encourage anyone with any information that may help us arrest and convict whoever is responsible for this crime to come forward.” CONTINUED