Volume 5 Number 6
February 8, 2008
On Monday, Florida Chief Financial Officer Alex Sink will be the Master of Ceremonies of the Governor’s day luncheon at the 104th Florida State Fair.

The luncheon is a tradition for elected officials and community leaders alike who come together to celebrate the great state of Florida and the agricultural industry, upon which our state thrives. Speakers will include U.S. Senator Bill Nelson, Commissioner of Agriculture and Consumer Services Charles Bronson, and Governor Charlie Crist, who will give the keynote speech at the ceremony.

CFO Sink is also bringing several members of the Department of Financial Services with her to help Floridians wishing to learn about her department’s services. Floridians will be able to visit with representatives from the:
  • Bureau of Unclaimed Property— Do you have lost treasure? www.fltreasurehunt.org;
  • My Safe Florida Home program— Apply for your free wind inspection today!  www.myfsafefloridahome.com;
  • Consumer Services— Find answers to your financial or insurance-related questions;
  • Division of Insurance Fraud— Learn about the crime of insurance fraud;
  • State Fire Marshal’s Office— Learn about how we investigate arson;
  • Division of Workers' Compensation - Find out how worker's compensation helps you!
  • And more!

The Florida State Fair is held in Tampa at the Florida State Fairgrounds and will continue through February 18th. To learn more, visit www.floridastatefair.com. We encourage Floridians from all over the state to come out and enjoy the state’s best agriculture, industry, entertainment and achievement.

View photos of Department of Financial Services staff at the Florida State Fair!

CFO SINK’S PROPOSAL TO REDUCE RISK OF ASSESSMENTS HEARD IN HOUSE INSURANCE COMMITTEE FRIDAY
CFO’s proposal could save Floridians and businesses between $3.3- $6.5 billion in assessments.

Florida Chief Financial Officer Alex Sink’s proposal to reduce the risk of billions in assessments—taxes—on Floridians and businesses was heard in the House Insurance Committee Friday. CFO Sink’s proposal would reduce Floridians’ risk in the Florida Hurricane Catastrophe Fund (Cat Fund), a state-run reinsurance program that assesses Floridians’ homes, autos and business insurance policies to make up insured losses from hurricane damage.

Florida’s Cat Fund provides low-cost reinsurance to private insurance companies writing residential policies in Florida. In an effort to reduce insurance premiums by a statewide average of 24 percent, the Cat Fund was expanded in 2007 to include an optional $12 billion coverage level, for a total exposure of $28 billion.

One year later, Floridians have not received the rate relief lawmakers expected, but consumers and businesses have taken on substantially more risk for future assessments from the Cat Fund. At the same time, private reinsurance rates have fallen substantially and the private reinsurance market has the capacity to take much of the insurance risk off the backs of Floridians.

“I hear all the time from Floridians who are wondering why they have to pay these assessments on their insurance polices,” said CFO Sink, who oversees the Department of Financial Services. “I will continue to work with the Legislature this session to reduce the cost of insurance for Floridians and businesses.” CONTINUED

UNCLAIMED PROPERTY PHONE BANKS FIND TREASURE FOR CALLERS

CFO Alex Sink’s Bureau of Unclaimed Property held two phone bank telethons last week at WWSB-7 in Sarasota and WZVN-7 in Ft. Myers. During the the Ft. Myers telethon, 614 claims were made for $108,000 in seven hours, and in Sarasota 99 claims were made for  $41,726 in two hours.

The phone banks prompted thousands of other citizens in the viewing areas, who could not get their calls answered during the telethons, to search the Department’s unclaimed property website and file claims from visiting the site.

The Bureau holds about 6.5 million accounts valued at more than $1.7 billion. Unclaimed property can be claimed for free at any time by the rightful owners or heirs by logging on to www.FLTreasureHunt.org  or by calling the Bureau of Unclaimed Property at 1-88-VALUABLE.

 

 

 

 

 CFO SINK VISITS WITH FBLA

On Tuesday, CFO Alex Sink spoke to 23 high school and college members of Future Business Leaders of America who were in Tallahassee visiting with community leaders and elected officials.
CFO Sink discussed her role as CFO and talked with the group about the benefits of serving the community through the business profession.


 

 

 FIRST MEETING OF MSFH ADVISORY COUNCIL HELD MONDAY

On Monday, CFO Alex Sink welcomed members of the My Safe Florida Home (MSFH) Advisory Council to their first meeting in Tallahassee. The Council, authorized by Section 215.5586, Florida Statutes, was created to provide advice and assistance to the Department of Financial Services (DFS) regarding the administration of the MSFH program.  CFO Sink will use the council’s findings to further improve the services provided to Floridians through the program.

For more information on the MSFH program or the council please visit www.mysafefloridahome.com/AdvisoryCouncil/index.htm.  On the MSFH Advisory Council Web site, Floridians can link to information on the council, its agenda and upcoming meetings.

My Safe Florida Home submitted its annual report to the Legislature this past week, detailing the progress of the program from its inception. You may review the report on the Web site at www.MySafeFloridaHome.com or click on the annual report icon to the left.

 

FLORIDA'S HAZARDOUS WEATHER AWARENESS WEEK

Hazardous Weather Awareness Week takes place from February 2-9, 2008. This year’s theme is “8 Days in ’08” and recognizes the one year anniversary of the Groundhog Day tornadoes that struck Sumter, Lake, and Volusia counties during the night of February 2, 2007. Hazardous Weather Awareness Week is an opportunity for Floridians to learn about the various weather hazards that frequently impact the state and how families and businesses can prepare for these natural events.

Each day focuses on a specific weather event. Monday’s focus is on lightning. Lightning is among the top weather-related killers in the United States, striking the ground about 25 million times each year and causing more injury and death than tornadoes.

The 2008 Florida Hazardous Weather Awareness Week is a perfect time to note that our state, out of all 50 states, is the lightning capital of the country. Florida is bounded by the Atlantic Ocean to the east and the Gulf of Mexico to the west. As a result, daytime heating often generates boundaries that move inland from our coasts during the day. When these boundaries collide, thunderstorms are the result. CONTINUED
 

SEVEN JUVENILES ARRESTED FOR ARSON, BURGLARY

The Division of State Fire Marshal, Bureau of Fire and Arson Investigations (BFAI), in cooperation with the Putnam County Sheriff’s Office and Putnam County Dept. of Emergency Services, has arrested seven juveniles from the Satsuma area, ranging in ages from 13 to 16, on charges of arson, burglary and criminal mischief. The incidents involved three separate fires in the Hoot Owl Ridge area of Satsuma, occurring from September 2007 to late January 2008, wherein a mobile home, two camper trailers and a pickup truck were damaged. The total damage exceeded $15,000.00. No injuries were reported.

The Bureau of Fire and Arson Investigations is a law enforcement branch of the Division of State Fire Marshal that assists other state and local fire and law enforcement agencies in the investigation of fires of suspicious origin. Anyone with information about arson or any suspicious incident of fire is asked to call 1-877-662-7766 (1-877-NOARSON). Rewards are offered for information leading to an arrest and conviction.