Volume 2 Number 48 November 28, 2005

On November 22, 2005, the governor and Cabinet, sitting as the Board of Trustees of the Internal Improvement Trust Fund, approved the purchase of 73,476 acres of land as part of the state's land conservation program. This historic purchase of the Babcock Ranch for $350 million dollars was the result of years of negotiations.   The ranch's working farmlands and wilderness areas are the final link to conserve a natural land corridor from Lake Okeechobee to Charlotte Harbor.  Included in the purchase is a significant piece of property known as Telegraph Swamp, which is vital to the state’s efforts to restore the Florida Everglades.  This purchase will protect endangered animals, wetlands and forests and will be a resource that the people of Florida will enjoy for generations to come.     I

CFO Gallagher and a consumer specialist help a victim with insurance issues after Wilma

FLORIDA’S 2005 HURRICANE SEASON NEAR ITS END Hurricane Season 2005 officially comes to a close on Wednesday, November 30, but we will be dealing with the aftermath for years to come. Nationwide, this season was the busiest on record so far, with 27 named storms and 11 federal disaster declarations.  The four hurricanes that hit Florida – Dennis, Katrina, Rita and Wilma -- caused 63 deaths and about $10.5 billion in insured damage.  One month after Wilma, about 700 people remain in hurricane shelters, waiting for county or FEMA housing assistance. FEMA said it has approved about 39,000 applications for temporary housing, at a cost of $76 million.   South Florida's nursery industry suffered losses of more than $800 million. Damage to Florida's agricultural industry is estimated at $2.2 billion.  CONTINUED

GALLAGHER ANNOUNCES $16,000 IN REWARDS Information helped stop at least $1 million in fraudulent insurance claims $16,000 in cash rewards has gone to five individuals, according to Tom Gallagher, Florida’s chief financial officer. The recipients, including a child, provided information that led fraud detectives with the Department of Financial Services to thwart more than $1 million in fraudulent insurance claims. The biggest reward of $10,000 went to two individuals who testified against a man who falsely claimed to be injured by falling ceiling tiles in his apartment. “Insurance fraud schemes are growing increasingly complex and costly, and tips like these help us root out and aggressively prosecute such crimes,” said Gallagher, who oversees the department.  “We appreciate these individuals coming forward and encourage others to call us if they suspect fraud.  We all pay for insurance fraud, and working together we can do something about it.” CONTINUED

STANDARD PERSONAL LINE ADVISORY COMMITTEE MEETING DATE HAS CHANGED The next Standard Personal Line Advisory Committee meeting, originally scheduled for December 6, has been re-scheduled. The meeting will be held on Tuesday, December 13, 2005, in Room 309 in the Capitol from 10:00 a.m. until 4:00 p.m. CFO Tom Gallagher has appointed an advisory committee to develop standard personal lines policies to submit to the Legislature by January 15, 2006. Insurers would not be required to offer a standard policy unless required by further act of the Legislature.  The advisory committee consists of two representatives selling personal lines residential property insurance coverage, two representatives of property and casualty agents, two representatives of consumers, two representatives of the commissioner of insurance regulation, and the insurance consumer advocate. CONTINUED