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Does your child know how to burn a CD but not how to put money into one? 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. As your child heads off to another school year and begins comparing what their friends are wearing, carrying or driving, it might be a good idea to start now to teach your children strategies for saving money and why it is so important. The Department of Financial Services can help. Tips on our web page, www.yourmoney,yourlife.com include:
Start now teaching your kids that it’s never too early – or too late – to have financial goals and to save money toward those goals. You will feel good as a parent, and your kids will feel great having more money in their pocket and in the bank.
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GALLAGHER: CABINET VOTE BRINGS MUCH-NEEDED INSURANCE RELIEF TO FLORIDIANS Tom Gallagher, Florida’s chief financial officer, applauded the decision by the Governor and Cabinet to approve reactivating the Commercial Joint Underwriting Association (JUA). The JUA will provide property insurance coverage to Florida’s business owners who have been unable to secure it from private companies. Gallagher recommended the JUA as a short-term solution last week in a letter to Governor Bush. “Eight storms inflicting $38 billion in insured losses have created a crisis in Florida’s property insurance market, and our state’s homeowners and business owners are being held hostage as a result,” said Gallagher. “The solution I recommended and we approved today will help provide basic coverage to Florida employers who employ thousands of hardworking citizens and serve as the backbone of our economy. There are some real opportunities to provide further relief for Floridians, and fighting for homeowners remains my number one priority.” CONTINUED |
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MULTI-STATE SETTLEMENT ANNOUNCED TOTALING $70
MILLION TO BENEFIT MILITARY PERSONNEL A multi-state settlement concerning the improper sale of insurance and investment products to U.S. military personnel has been announced. The American-Amicable Life Insurance Company of Waco, Texas, and its affiliates will be required to provide immediate cash refunds and increased policy benefits totaling $70 million under the settlement agreement. “Our soldiers are fighting and dying overseas to protect our country and fight terrorism,” said Chief Financial Officer Tom Gallagher, whose office will be assisting the affected soldiers. “To think these men and women were knowingly ripped-off is unconscionable.” As a result of the investigation, approximately 57,000 current and former service members will receive refunds and modifications to their existing insurance policies, and an additional 13,000 service members and 22,000 civilians will receive increased cash surrender benefits. CONTINUED |
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PROPERTY
AND CASUALTY INSURANCE REFORM COMMITTEE TO HOLD INAUGURAL MEETING
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