Volume 1 Number 32
August 9, 2004










TEXT VERSION

They say the two most important things we will do in life are the very things we don’t learn much about in school—how to be a parent and how to manage money. 

According to a recent Mason-Dixon poll, many Floridians don’t know how to manage their finances.  More than half of Floridians are not setting anything aside in case of emergencies.   

Personal financial decisions are always an individual’s personal responsibility, but people need information to make good decisions. Last week, the Department of Financial Services and numerous partners in the financial industry launched a new public education campaign titled Your Money, Your Life.  The campaign offers Floridians access to quality information on a wide-range of financial topics at www.yourmoneyyourlife.org, with details about choices, benefits and pitfalls in easy-to-understand language. 

 The story below offers more information about the campaign and the survey. 

The key to financial security is knowledge.  That’s what Your Money, Your Life is all about—putting that key within reach of every Floridian.

 

Pensacola from the bay is our skyline for August.

 

 

 


Christina Nelson, FSU senior, addresses press conference on financial literacy.


 

GALLAGHER, INDUSTRY PARTNERS LAUNCH STATEWIDE FINANCIAL EDUCATION INITIATIVE

New survey shows many Floridians struggle with debt, save too late

Most Floridians are financially conservative, but a significant number put themselves at financial risk by waiting too late to save, running up debt and other practices, a new statewide survey shows.  Florida’s Chief Financial Officer Tom Gallagher said the survey underscores the need for a comprehensive financial education effort aimed at all ages and incomes.

“This survey shows there is a great unmet need among Floridians for clear information on how to manage money, save and avoid debt,” CFO Gallagher said, in launching “Your Money, Your Life,” a statewide public education initiative formed in cooperation with financial industry groups and the Allstate Foundation.    CONTINUED
 

 

 

 

CFO GALLAGHER RENEWS WARNING:  FLORIDIANS MUST BE VIGILANT AGAINST BOGUS INSURANCE OFFERS

Man arrested for luring pregnant women to buy fraudulent insurance

At least 150 pregnant women were lured into buying bogus health insurance by a man not even licensed to sell insurance, prompting Florida’s Chief Financial Officer Tom Gallagher to issue a renewed warning to Floridians to be vigilant against unauthorized insurance scams.

“Before buying any insurance product, it is absolutely critical that consumers verify that both the agent and the product are licensed,” Gallagher said.  “Unauthorized insurance scams are spreading into every line of coverage, and due diligence is the only line of defense.”
Gallagher oversees the Florida Department of Financial Services, which since February 2001 has shut down more than 200 unauthorized entities, marketers, third-party administrators and agents selling fake insurance in Florida.  The most recent action came late last week when investigators with the department’s Division of Insurance Fraud arrested Angel Alcedes Golindano, 39, of Orlando, on numerous felony charges for his role in a three-year insurance fraud scheme that targeted pregnant women.  CONTINUED
 
 

 

 

 

STATE FIRE MARSHAL GALLAGHER, COMMISSIONER HORNE APPLAUD ORANGE COUNTY PUBLIC SCHOOLS

School district selected to participate in national Safe and Secure Schools Project

Florida’s Chief Financial Officer and State Fire Marshal Tom Gallagher joined Education Commissioner Jim Horne today to congratulate Orange County Public Schools for being selected to participate in the Safe and Secure Schools Project by the National Association of State Fire Marshals.

As one of only 20 participants in the program, Orange County Public Schools will test and refine analytical tools that could help schools assess, prioritize and then manage potential fire and safety risks that exist, at some level, in all school buildings.   Orange County Public Schools has 158,000 students and 9,000 teachers.

“When parents drop their children off at school,” Gallagher said, “they should be comfortable knowing they are being left in the hands of staff who care about them and their safety. The Orange County school district has taken great steps to ensure its schools are safe and in compliance with fire safety codes.” CONTINUED
 

 

 

 

SECOND AGENT WITH BECK INSURANCE AGENCY SUSPENDED FOR AIDING AND ABETTING UNLICENSED INSURANCE SALES AND “SLIDING”

In another case involving the John Beck Insurance agency in Jacksonville, the Florida Department of Financial Services has suspended the insurance license of Anna Mack, for aiding and abetting an unlicensed person in the sale of insurance and for selling an insurance customer a non-insurance product without the customer’s informed consent, known as "sliding."

“Insurance agents who sell coverage without a license or sell coverage from an unlicensed insurance company jeopardize their customers’ insurance,” said Chief Financial Officer Tom Gallagher, who oversees the department.  “We will hold these agents accountable for their actions, to protect Florida’s consumers.”
CONTINUED